Freight Broker Bond

Freight Broker Bond (BMC-84)

The Federal Motor Carrier Safety Administration (FMCSA) requires property brokers and freight forwarders who move loads across state lines to file a $75,000 Freight Broker Surety Bond (BMC-84 Form). The primary purpose of the bond is to reimburse freight and property carriers (mostly truckers) who do not get paid by a licensed broker after properly delivering a load. As of April 24th, 2024 the FMCSA reported 27,157 active broker and freight forwarder licenses.

Jet Insurance Company has by far the lowest prices on the $75,000 Freight Broker Bond. Jet’s lowest rate is $849 for an annual term, including an option to pay just $85 per month.

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Jet’s experienced team of Freight Broker Bond underwriters and claims handlers pick up the phone, on the first ring whenever possible, so your issue gets handled right away. Call us at (855) 470-3773.

Jet is the only surety provider to offer freight brokers the option to pay for the bond month to month. All other carriers require a year’s worth of premium upfront and will not refund your money if you need to cancel the bond.

With Jet, freight brokers can cancel the bond at any time for any reason and simply stop paying the monthly premium. Further, Jet does not require any down payment (just the first month of premium) and does not charge any interest, fees or penalties.

For freight brokers that choose to pay annually, Jet refunds all premiums that have not been used by the freight broker based on the length of time the bond has been in force. Other surety providers refuse to return unused premium to freight brokers by declaring their premium is “fully earned” at issuance.

Jet is the only insurance company to offer surety bonds directly to freight brokers without an agent involved, providing freight brokers with direct access to the ultimate decision maker on their bond application. With Jet, freight brokers also get direct access to a dedicated team that fights frivolous carrier claims on their behalf.

How are we able to do all of this?

Jet Insurance Company exclusively writes surety bonds, a focus that enables us to deliver custom solutions at the lowest prices. Specifically, Jet is able to deliver a superior offering to freight brokers through (1) unique underwriting processes, (2) cutting out the middleman, (3) innovative rate filings and (4) custom automation software.

Unique freight broker surety bond underwriting

Jet’s unique underwriting process lowers the bond price for all legitimate freight brokers. Other surety providers use the same generic criteria for all license bonds - a personal credit and license check - so legitimate, reputable freight brokers subsidize the fraudsters and deadbeats that plague your industry. Jet understands the logistics industry, using data from freight sources and sophisticated identity verification tools to ensure we only offer bonds to real brokers.

Jet Surety cuts out middlemen to save freight brokers money

Jet cuts out the middleman along with their hefty commissions and fees. Did you know that the agent you bought your bond from takes upwards of 40% of the premium you paid increasing the cost of the bond? As a licensed surety bond carrier, Jet underwrites, issues, files and pays any claims on the bonds without an agent involved. Cutting out the middleman also allows you to speak directly with the ultimate decision makers on your bond. Other surety bond providers place an insurance agency, a third party, between the bond principal (freight brokers) and their underwriters and claims handlers to shield their operation from the public. At Jet, our underwriters welcome your questions and input. Our claims handlers engage with you promptly to resolve a dispute.

Monthly Payments for Freight Broker Bonds

Jet is the only insurance company to include monthly premiums in the surety rate filings it submits to state regulators. Other surety bond providers only file annual rates, which we offer as well, and add fine print to their filings allowing them to avoid refunding unused premiums on Freight Broker bonds. Jet’s rate filings only permit us to withhold refunds in the event of an unresolved claim on the bond. The monthly option allows freight brokers to avoid paying premium in advance of coverage in the first place.

Freight Broker Bond Custom Technology

Finally, we designed custom software to automate the process of underwriting, quoting, issuing, filing with the FMCSA, monthly billing and renewing freight broker surety bonds to further reduce the cost to deliver the bond so you can save.

Get a Video Quick Breakdown of Freight Broker Bonds with Jet

Freight Broker Bond From Example (BMC-84)

Freight Broker Bond Form