Beginning October 1, 2013, all Federal Motor Carrier Safety Administration (FMCSA) regulated brokers and freight forwarders must file a $75,000 surety bond or trust fund agreement with the FMCSA. This bond is commonly referred to as a BMC-84, ICC Broker Bond, or Property Broker Bond. This requirement was a small part of MAP-21, “Moving Ahead for Progress in the 21st Century” which was signed into law by President Obama on July 6, 2012.
A new bond will have to be filed. No bond riders or change rider endorsements will be made to satisfy the $75,000 requirement on the October 1st date. The Good News is the FMCSA will accept backdating of the bond effective date.
FOR EXAMPLE: If this increase was processed on October 10th at the $75,000 limit, we can make the effective date Oct 1st. although the adjustment would be made with the FMCSA on Oct 10th.
| federal_register_9_5_2013.pdf |
Necessary Underwriting Requirements
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We seek applications who meet the following criteria:
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