Platinum Insurance provides freight brokers with the necessary FMCSA Bond (BMC-84) to stay compliant and keep business operations running smoothly. Get fast approvals, competitive rates, and expert guidance tailored to your needs.
What Is a Freight Broker Bond (BMC-84)?
A Freight Broker Bond, also known as a BMC-84 bond, is a financial guarantee required by the Federal Motor Carrier Safety Administration (FMCSA). This bond ensures that freight brokers and forwarders operate ethically and fulfill their payment obligations to carriers and shippers.
Why Do You Need an FMCSA Bond?
The FMCSA requires all freight brokers to hold a $75,000 surety bond to obtain and maintain their operating authority. This bond:
- Protects motor carriers and shippers from non-payment.
- Ensures compliance with FMCSA regulations.
- Helps build trust and credibility in the industry.
How Does the BMC-84 Bond Work?
The BMC-84 bond acts as a safeguard against unethical business practices. If a broker fails to pay a carrier or shipper, a claim can be filed against the bond. The surety company will cover the claim, but the broker is ultimately responsible for reimbursing the surety.
Who Needs a Freight Broker Bond?
Any business operating as a freight broker or freight forwarder in the U.S. must obtain and maintain an FMCSA Bond (BMC-84). Without this bond, the FMCSA will revoke your operating authority.
Freight Broker Bond vs. Trust Fund (BMC-85)
The FMCSA offers two compliance options:
- BMC-84 Bond – Requires a third-party surety to guarantee payment, typically with lower upfront costs.
- BMC-85 Trust Fund – Requires brokers to deposit $75,000 into a trust, which can tie up working capital.
Most brokers choose the BMC-84 bond because it provides the required financial guarantee without locking up business funds.
How Much Does a Freight Broker Bond Cost?
Bond costs vary based on credit score and financial history. Premiums typically range from $750 to $10,000 per year. Factors influencing cost include:
- Personal credit score
- Financial history
- Industry experience
Why Choose Platinum Insurance?
- Fast & Easy Application – Get approved in minutes.
- Competitive Rates – Affordable premiums tailored to your risk profile.
- Expert Support – Dedicated bond specialists to guide you.
- Trusted Provider – Backed by top-rated surety companies.
Get Your Freight Broker Bond Today
Platinum Insurance simplifies the bonding process so you can focus on running your business.
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How long does it take to get a Freight Broker Bond?
The process is usually quick, with approvals often granted within 24 hours.
What happens if I don’t get a Freight Broker Bond?
Without the bond, the FMCSA will revoke your authority to operate as a freight broker.a federally regulated lender.
Can I get a bond with bad credit?
Yes! While lower credit scores may result in higher premiums, we work with various surety providers to find the best options for you.
How often do I need to renew my FMCSA Bond?
The BMC-84 bond must be renewed annually to maintain compliance with FMCSA regulations.
What is the difference between a Freight Broker Bond and a Freight Forwarder Bond?
While both are BMC-84 bonds, freight forwarders also take possession of freight, whereas brokers simply arrange transportation.
How do I apply for a Freight Broker Bond?
You can apply online, provide the required documents, and get a free quote in minutes. Call us for assistance!
Can I cancel my bond if I stop brokering freight?
Yes, but the FMCSA requires proper notice and may revoke your operating authority if you do not replace the bond with another financial security option.
Is the BMC-85 Trust Fund a better option than the BMC-84 Bond?
Most brokers choose the BMC-84 bond because it does not require locking up $75,000 in a trust, preserving working capital.