Property Broker Bond
Property Broker Surety Bonds are required by the Federal Motor Carrier Safety Administration (FMCSA). It is required of any individual or business who wants to operate as a transportation broker for the FMCSA. The bond guarantees that the principal will pay replacement shippers and motor carriers if they fail to carry out their transportation contracts with the FMCSA. These bonds have become increasingly difficult to secure in recent years due to poor claims ratios. Excellent credit and financial history helps considerably in securing these bonds, otherwise the issuer might require collateral. These bonds are also referred to as ICC Broker Surety Bonds, Freight Broker Surety Bonds and BMC-84 Surety Bonds.
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