The surety or trust agreement is to ensure the financial responsibility of the broker by providing for payments to shippers or motor carriers if the broker fails to carry out it contracts, agreements or arrangements for the supplying of transportation by authorized motor carriers.
A property broker must have a surety bond or trust agreement in effect for $10,000. The FMCSA will not issue a property broker license until a surety bond or trust is in effect. The broker license shall remain in effect only as long as a surety bond or trust is kept in effect. Keeping the bond or trust in effect is the sole responsibility of the broker.
Evidence of a surety or trust must be filed using the prescribed Form BMC-84. Trust fund agreements must be filed using the prescribed Form BMC-85. These forms are furnished by the financial institution providing the surety or trust agreement.
Our account managers maintain the highest level of contact with all of the various authority agencies, which ensures our ability to process authority and permit applications with the greatest speed and accuracy to ensure compliance and operational status