Freight Forwarders and Brokers will have direct connections with shippers and will schedule which carriers will pick up the loads. FMCSA requires that the broker have a surety bond of $75,000, and proof must be submitted in the form of a BMC-34X. Your insurance agent will make sure that the form is submitted to FMCSA in a timely manner. Bonds need to be paid in full and are based 100% on the owner’s credit history. Our agency does not apply any additional fees to these quotes. Bonds are not insurance; if a claim is made against them, it is within the right of the bond carrier to request full compensation from the broker.
Though FMCSA only requires a bond, we also suggest that the broker get contingent insurance policies to protect their business and assets. We offer contingent auto liability, contingent cargo, and contingent general liability.
