A freight broker bond, known as the BMC-84, is a $75,000 bond the federal government requires before you can work as a freight broker or freight forwarder.
- Who needs it
- Freight brokers and freight forwarders
- Bond amount
- $75,000, set by the FMCSA
- What you pay
- About $900 to $3,000 per year, based on credit
- Term
- One year, renewed yearly
- A claim protects
- Carriers and shippers you work with
What is a Freight Broker Bond?
A freight broker bond is a promise to pay the truckers and shippers you work with. If you do not pay a carrier or you break a deal, they can file a claim against your bond and get paid.
The bond is set by the FMCSA, the federal agency that oversees trucking. The amount is fixed at $75,000 for every broker.
Who needs a Freight Broker Bond?
Anyone who wants freight broker or freight forwarder authority needs this bond. You cannot get your operating authority without it.
It does not matter if you are a one-person shop or a large brokerage. The $75,000 amount is the same for all.
How does a Freight Broker Bond work?
Here is how brokers get rolling:
- You apply for broker authority with the FMCSA and get your MC number.
- You buy the $75,000 BMC-84 bond from Junno Surety.
- We file your bond with the FMCSA electronically.
- The FMCSA activates your authority and you can book loads.
- If you fail to pay a carrier or shipper, they can file a claim against your bond.
Claims hurt your record and your wallet, so pay your carriers on time and keep clean books.
How much does a Freight Broker Bond cost?
You do not pay $75,000. You pay a yearly premium, which is a small percent of the bond. Junno Surety prices these at the industry rate minus 5%.
Most brokers pay somewhere around $900 to $3,000 a year. Your exact rate depends on your credit and business history. We write bonds that some others turn down.
What happens if someone files a claim?
A claim usually comes from a carrier you did not pay. The bond company reviews it. If it is valid, they pay the carrier up to the bond amount, and then you must pay that money back. Too many claims can put your authority at risk.
How to get your Freight Broker Bond from Junno Surety
Junno Surety files your BMC-84 fast and electronically. Give us your MC number and a short application. We can often get you bonded the same day so your authority is not delayed.
We are a licensed surety bond agency and can often issue your freight broker bond the same day. Start your free quote → or call (762) 499-0237.
Things to know about a Freight Broker Bond
The BMC-84 bond is one of the larger bonds a small business will carry, so your credit matters more here than on a cheap license bond. Strong credit gets you the lowest rate. Weaker credit means a higher rate, but it does not mean you are out of luck. Junno Surety writes bonds that some agencies turn down. The key is to keep your bond active, because your broker authority depends on it. If your bond is cancelled, the FMCSA can shut down your authority. Pay your carriers on time, keep clean books, and renew early. That protects both your bond and your business.
Frequently asked questions
How much is the BMC-84 bond?
The bond amount is $75,000, but you only pay a yearly premium. That is often around $900 to $3,000, based on your credit.
What if I have bad credit?
Junno Surety writes bonds that some agencies will not. Your rate may be higher, but we work hard to get you covered.
How fast can I get bonded?
Often the same day. We file your bond with the FMCSA electronically to speed things up.
What is the difference between the BMC-84 and a BMC-85?
The BMC-84 is a surety bond. The BMC-85 is a trust fund where you tie up $75,000 in cash. Most brokers choose the bond so their cash stays free.
What happens if my freight broker bond is cancelled?
The FMCSA can revoke your authority. You would need a new bond filed before you can legally book loads again, so never let it lapse.