Freight brokers are required to maintain a $75,000 surety bond with the Federal Motor Carrier Safety Administration (FMCSA) under Title 49, U.S.C. 13904. As of October 1st, 2013, the amount required increased from $10,000 to $75,000 to comply with the MAP-21 bill. Also referred to as a BMC-84 or ICC (Interstate Commerce Commission) bonds, these surety bonds guarantee that the broker will operate in an appropriate manner and pay all motor carriers and shippers in a reasonable amount of time. This also applies to property and household goods brokers.
Application processing time with the FMCSA typically takes 4-6 weeks and is filed through the Unified Registration System (URS). The Motor Carrier (MC) number is required for Pacific Surety to file the bond online. Additional information in regard to the application process can be found on the FMCSA website.
The Principal or Surety may cancel the bond at any time via written notice to the FMCSA, effective 30 days after receipt.
Unlike others in the industry, we do not require business or personal financials for approval. Pacific Surety has pricing for nearly every credit situation, starting as low as $938 annually (1.25%) up to $9,375 (12.5%). Additionally, we offer financing on higher premium situations. If you have any questions about the process feel free to contact our knowledgeable staff.