Please call us at 1-888-820-7420 or email email@example.com with questions on ICC bonds or any other surety bond you may need.
An ICC bond is an Interstate Commerce Commission bond. ICC bonds are also known as freight broker bonds or BMC 84 bonds. An ICC bond is a type of surety bond needed for the transport of freight. The Federal Motor Carrier Safety Administration refers to these bonds as property broker bonds, where the property is the freight.
A freight broker must register with the Federal Motor Carriers Association in order to open a freight business. The Federal Motor Carriers Association will require the freight to obtain a bond in order to register their business. The freight broker can obtain a surety bond (ICC) or a BMC-84 which is a type of trust.
An ICC bond or BMC-84 is necessary for any freight broker to operate in the United States. The bond protects both the owner of the freight and the shipping company. The fee for an ICC bond is usually around 1 or 2% of the guaranteed bond amount. Both ICC and BMC-84 are important to ensure responsibilities for freight transporters and the parties needing freight transported. Typically a freight broker pays the principal and not the customer or shipping service.
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