Freight broker surety bond

[craig]

Any reccomendations as to who?

[don jipping]

you may contact me at *EDIT* and I could probably give you more insight

[Unregistered]

I would appreciate any help in getting a surety bond for my new freight brokerage business. I need (by law) a $10,000 bond. Although my business is new I have excellent credit and experience in the freight business

Please advise on the foll

Tel: 602-9714780
Cell: 310-9801257 Contact: SAM

impexsai@yahoo.com

[Admin]

Sam,

The bond is not the best option for new businesses. I recommend the BMC-85 trust fund for your first year of operations. Once you can provide business financials, the bond will be your best option, but until then you should read about the trust fund.

[julio romero]

I would appreciate any help in getting a surety bond for my new freight brokerage business. I need (by law) a $10,000 bond. Although my business is new I have excellent credit and experience in the freight business.

i would like to get a quote
for my freight broker bond

[Admin]

Julio, you can not obtain the bond without 100% collateral. We recommend filing a BMC-85 until you can produce business financials. Then we can write the bond with no collateral.

You may want to do a forum search on the BMC-85, some members within the forums offer it.

[goncharuk]

I would appreciate any help in getting a quote for surety bond for my new freight brokerage business. I need (by law) a $10,000 bond. Although my business is new I have excellent credit, but no experience in the freight business.

I am just collecting the information before I start the business.

[Admin]

goncharuk, please read above. The bond is not the best option for new freight broker businesses. The surety bond is a better option after atleast one year of operation.

[don jipping]

the BMC-85 trust can be obtained much easier than the bmc-84 bond.
as stated earlier the broker bond is usually only available after a couple years in the business where you can show some solid business financials.
the bmc-85 trust allows you to make regular deposits into trust and still have coverage on file with the FMCSA.

don jipping

[Admin]

the BMC-85 trust can be obtained much easier than the bmc-84 bond.
as stated earlier the broker bond is usually only available after a couple years in the business where you can show some solid business financials.
the bmc-85 trust allows you to make regular deposits into trust and still have coverage on file with the FMCSA.

don jipping

I have to agree it is much easier to obtain the BMC-85. However, ease to obtain does not necessarily mean the best option for all. If a company is in business for atleast one year and the owners have good credit I believe the bond is the better option.

Here are the main differences in the two:

The bond you pay a premium for the surety to extend surety credit.

The BMC-85 is a trust fund which you build to back the ICC with your own capital.


Don, I am curious. How much of the $10,000 is due for the first year on the BMC-85? If a company decides to no longer use the BMC-85, do they get the invested capital back? I'm not trying to talk down the trust fund, I am just curious, as I refer clients that can't obtain the bond to the BMC-85.