Freight Broker Surety Bond
The Federal Motor Carrier Safety Administration (FMCSA) requires freight brokers and freight forwarders to purchase a $75,000 surety bond before receiving a freight broker license. Freight broker bonds are also referred to as the BMC 84 bond or the ICC broker bond.
The cost of your freight broker bond is a percentage of the $75,000 bond amount as determined by a surety company. Freight broker bond rates vary by state and applicant.
The Federal Motor Carrier Safety Administration (FMCSA) is the regulatory authority for freight brokers and forwarders. According to Title 49, U.S.C. 13904, freight brokers and forwarders must register with the FMCSA before beginning business operations and arranging for the transportation of any goods.
In order to become a licensed freight broker, applicants must take several additional steps required by the FMCSA:
- file OP-1 Application for Motor Property Carrier and Broker Authority
- provide proof of insurance coverage: $75,000 surety bond (BMC-84) or trust fund agreement (BMC-85)
- submit BOC-3 (Designation of Process Agent)
- include non-refundable filing fee of $300
