WebMay 24, 2024 · The bonding requirement for freight brokers and forwarders is found in 49 U.S.C. § 13906. Under this law, freight brokers must secure freight broker bonds in the amount of $75,000 before they will be approved for a license to legally operate their businesses. The freight broker bond cost is not $75,000, however. WebA freight broker bond can cost anywhere from $750 to $9,000 per year. The cost is determined by the surety bond company and is a percentage of the full $75,000 bond amount. Costs typically range from 1-12% of the total amount. Costs are calculated using a range of different factors, including: Your personal credit score Industry experience
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WebMay 27, 2024 · Freight brokers must hold a surety bond as a condition to receive or extend a license. The bond prerequisite helps verify credibility, stop fraud, and ensure payment for motor carriers or shippers. A minimum $75,000 bond is required. The annual premium you’ll pay depends on your credit score: the higher your score, the lower your cost. 5. WebJan 29, 2024 · Some of the 150 types of bonds they offer include Freight Broker, Contractor License, Auto Dealer License, Insurance Adjuster, and Mortgage Broker. The … speech phillips
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WebBryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond. WebJan 2, 2024 · Get a Freight Broker Bond As mentioned in the previous section, to get your MC authority from the FMCSA, you need to obtain a Freight Broker Bond , or a BMC … WebSep 12, 2024 · Freight brokers are independent contractors hired by companies with cargo to ship (shippers). While they perform many tasks, their main duty is to plan the movement of freight from point A to point B in the most economical and efficient way. speech philips