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Thread: What is?

  1. Numbers
    Numbers is offline Member
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    What is?

    What is an ICC Bond and what is it's purpose?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
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    ICC Bonds - Claims

    Quote Originally Posted by Numbers
    What is an ICC Bond and what is it's purpose?
    The ICC Bond is a requirement of the FMCSA (Federal Motor Carrier Safety Administration) and provides authority for companies to haul freight. The bond is referred to as a BMC-84.
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  3. don jipping
    don jipping is offline BMC-85 Expert
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    FMCSA Broker Compliance

    Quote Originally Posted by Surety Queen
    The ICC Bond is a requirement of the FMCSA (Federal Motor Carrier Safety Administration) and provides authority for companies to haul freight. The bond is referred to as a BMC-84.
    Just a little clarification, the FMCSA requires a freight broker to carry $10k in coverage in the form of a BMC-85 Broker Trust Fund, or a BMC-84 Broker Bond.

    This coverage is for unpaid freight charges ONLY. Authority to broker freight will not be issued unless this coverage is filed with the FMCSA by an AUTHORIZED financial institution or surety.

    When a freight broker brokers a load he is contracting the services of an FMCSA authorized common carrier to move freight from point A to point B for a fee.
    When the freight is delivered the broker must fulfil his obligation to pay the common carrier their fee.

    If the broker fails to pay the carrier in the agreed upon time, the carrier may then file a claim against the brokers trust fund or his broker bond.

    PAY YOUR CARRIERS!

    Don
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  4. Surety Queen
    Surety Queen is offline Surety Professional
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    ICC Bonds

    Quote Originally Posted by don jipping
    Just a little clarification, the FMCSA requires a freight broker to carry $10k in coverage in the form of a BMC-85 Broker Trust Fund, or a BMC-84 Broker Bond.

    This coverage is for unpaid freight charges ONLY. Authority to broker freight will not be issued unless this coverage is filed with the FMCSA by an AUTHORIZED financial institution or surety.

    When a freight broker brokers a load he is contracting the services of an FMCSA authorized common carrier to move freight from point A to point B for a fee.
    When the freight is delivered the broker must fulfil his obligation to pay the common carrier their fee.

    If the broker fails to pay the carrier in the agreed upon time, the carrier may then file a claim against the brokers trust fund or his broker bond.

    PAY YOUR CARRIERS!

    Don
    Thank you Don for that input - very helpful!
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