Master Freight Broker Bond BMC-84 Quote for Success
How to Obtain a BMC-84 Bond
Obtaining a BMC-84 bond involves working with a surety company that specializes in freight broker bonds. The process typically includes:
1. **Application Submission**: You will need to provide personal and business information, including financial statements and credit history.
2. **Premium Calculation**: The surety company assesses the risk based on your financial stability and credit score. Premiums generally range from 1% to 10% of the bond amount, depending on these factors3.
3. **Bond Issuance**: Once approved, the surety company issues the bond, and you can then file it with the FMCSA.
Cost Considerations and Financial Implications
The cost of a BMC-84 bond can vary significantly based on your credit score and financial history. Brokers with strong financial backgrounds might pay as little as $750 annually, while those with lower credit scores could face higher premiums4. It's essential to shop around and compare quotes from different surety companies to find the best rate. Additionally, improving your credit score can help reduce the premium costs over time.