Property Broker Bond

A property broker bond, or BMC-84 bond, is required by the Federal Motor Carrier Safety Administration (FMCSA) to obtain brokerage authority.
Specifically, this includes individuals or companies that arrange the transportation of goods by authorized motor carriers but do not themselves transport the goods.
A BMC-84 bond is important because it provides a layer of financial protection and accountability in the freight and logistics industry. The bonds protect carriers and shippers by guaranteeing they are paid for their services and promote ethical business practices and market credibility.
Key Highlights
- Property broker bonds are also commonly referred to as a BMC-84 bond, freight broker bond, ICC (Interstate Commerce Commission) bond or transportation broker bond.
- A property broker bond is a guarantee of payment between the broker and motor carriers and shippers if the broker fails to comply with contractual agreements.
- These bonds function as strict financial guarantee surety bonds.
How do I purchase a property broker bond?
NFP, the nation's largest and most reliable surety company, is authorized to issue property broker bonds, BMC-84 bonds or ICC bonds in each of the 50 states. We can provide the best rates for your bond, as well as the fastest issuance, to get your business off and running.
Our short online application makes it easy. Click below to start the application process today.
Property Broker Bond FAQs
A property broker bond is required by the Federal Motor Carrier Safety Administration (FMCSA) to obtain brokerage authority. It is also commonly referred to as a BMC-84 bond, freight broker bond, ICC (Interstate Commerce Commission) bond, or transportation broker bond. A property broker bond is a guarantee of payment between the broker, the Surety, and motor carriers and shippers if the broker fails to comply with contractual agreements.
A property broker bond is required for anyone who wants to operate as a property broker in the US under the authority of the FMCSA. Specifically, this includes individuals or companies that arrange the transportation of goods by authorized motor carriers but do not themselves transport the goods.
Both types of bonds offer advantages and disadvantages depending on the needs of your brokerage. We can help you determine which works best or is required for you.
A property broker bond is important because it provides a layer of financial protection and accountability in the freight and logistics industry. The bonds protect carriers and shippers by guaranteeing they are paid for their services, and also promote ethical business practice and market credibility.
The FMCSA requires all property brokers to have a $75,000 bond or equivalent trust fund to legally operate, while the bond premium varies based on factors like credit score, financial history, and industry experience.
The freight broker business has a high frequency of false claims, which makes having an expert on your side essential to help you make sure you have the right coverage and can help you avoid the high costs of invalid claims.
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