Frequently Asked Questions
- Will I qualify for the $75K bond?
- We are able to approve nearly anyone with good or bad credit, and never require collateral.
- What will a freight Broker Bond cost me?
- The cost is a portion of the bond amount. However, freight broker bonds are considered to be one of the highest risk bond requirements therefore, their rates are higher than most bonds. In fact, most companies do not write freight broker bonds. The fee that do usually require 100% collateral to be posted with the bond. We have exclusive programs that offer freight broker bond quotes with no collateral.
- What is the difference between the BMC-84 Bond and the BMC-85 trust fund?
- The BMC-84 surety bond is an insurance company guaranteeing your company. The BMC-85 trust fund is your cash, held by a bank guaranteeing your company.
- Is the BMC 84 surety bond the best option?
- The BMC 84 is, as the trust ties up your money, while the bond only requires an annual premium payment, which is a percentage of the bond amount. The bond also comes with a team of claim specialists that will assist you in fighting false claims, which is invaluable since the freight broker business has a high frequency of false claims.
- What is the required freight broker bond amount?
- A $75,000 bond is now required as of October 1st, 2013.
Freight Broker Bond Application