Trucking & Logistics Insurance
Surety Bonds Insurance
for Trucking & Logistics
Freight brokers are required by federal law to hold a $75,000 BMC-84 surety bond (or trust fund) to operate legally. Motor carriers may also need broker bonds if they arrange as well as haul freight. Our agents help you get bonded quickly to meet federal registration requirements.
Industry-Specific Insight
Why Trucking & Logistics Businesses Need Surety Bonds Insurance
Freight brokers are required by federal law to hold a $75,000 BMC-84 surety bond (or trust fund) to operate legally. Motor carriers may also need broker bonds if they arrange as well as haul freight. Our agents help you get bonded quickly to meet federal registration requirements.
Coverage Details
What Surety Bonds Insurance Covers
Key protections included in a surety bonds policy for trucking & logistics operations.
FAQs
Common Questions from Trucking & Logistics Businesses
What is a BMC-84 bond?
The BMC-84 is the FMCSA-required surety bond for licensed freight brokers, guaranteeing payment to carriers for services rendered. It's required to obtain and maintain your freight broker authority.
How quickly can I get bonded as a freight broker?
Most freight broker bonds can be issued in one to two business days. We work with multiple surety companies to find competitive rates based on your credit profile.
Is a surety bond the same as insurance?
Not exactly — insurance protects the policyholder from loss. A surety bond protects the obligee (the party requiring the bond) if the bonded party fails to perform. The bonded business is expected to repay any claims paid by the surety. It's more of a credit guarantee than a traditional insurance product.
What is the difference between a performance bond and a payment bond?
A performance bond guarantees that a contractor will complete the contracted work. A payment bond guarantees that the contractor will pay their subcontractors, laborers, and suppliers. On public projects over a certain value, federal law (the Miller Act) requires both.
Complete Coverage
Other Coverages Trucking & Logistics Businesses Commonly Need
A complete protection plan for trucking & logistics operations typically includes several complementary coverages.
Trucking & Logistics · Surety Bonds
Get Surety Bonds Coverage for Your Trucking & Logistics Business
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