ICC Transportation Bonds (also known as BMC-84 bonds) are required by the Federal Motor Carrier Safety Administration for :
Freight Forwarder: A company that arranges for the truck transportation of cargo belonging to others, utilizing for-hire carriers to provide the actual truck transportation. The Forwarder does assume responsibility for the cargo from origin to destination and usually does take possession of the cargo at some point during the transportation. Forwarders typically assemble and consolidate less-than-truckload (LTL) shipments into truckload shipments at origin and disassemble and deliver LTL shipments at destination.
Broker: Also a company that arranges for the truck transportation of cargo belonging to others, utilizing for-hire carriers to provide the actual truck transportation. However, the Broker does not assume responsibility for the cargo and usually does not take possession of the cargo. The surety bond is in place to protect the public from any type of financial harm caused by the freight forwarder or broker not compiling with the laws of the administration. These bonds are required as part of the license application. The newest development regarding these bonds is that they are now being written at the $75,000 bond amount in compliance with a new law starting October 1st. For all individuals who currently hold a $10,000 bond, the Federal Motor Carrier Safety Administration is requiring a new bond at the $75,000 bond amount.
Here at Surety1, we have various surety companies that are beginning to issue quotes for the $75,000 amount. In order to proceed with obtaining this bond, we need a completed application at our website—www.surety1.com As most surety bonds are based off of personal credit, this is no different! These bonds are starting off at $938, which is 1.5% of the bond amount, for excellent credit and with personal and business financials. The premium will increase from there based on the personal credit. We do have a few surety companies that are willing to write these bonds without reviewing financials; however, the premium for these companies will be higher. Our best advice would be to submit personal and business financial statements with your application, in order to get you pre-approved for the $75,000 bond amount in a timely manner. Just go to www.surety1.com and click on the “Apply Now” Button.