$75,000 North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) Bond

Businesses are required to file a $75,000.00 bond with the Federal Motor Carrier Safety Administration (the "Obligee") to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from a licensed business breaking licensing laws.

Property Broker or Freight Forwarder BMC-84 (ICC Broker) Bond

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How much does the North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) bond cost?

Property Broker or Freight Forwarder BMC-84 (ICC Broker) bonds typically cost between 0.5% and 15% of the bond amount depending on the personal credit, license history, and experience of the business owners and the surety carrier issuing the bond.

Is a Credit Check Required for North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) Bonds?

Credit checks are typically required for the North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) Bond.

Why is the North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) bond required?

Businesses are required to purchase and file a $75,000 bond with the Federal Motor Carrier Safety Administration to activate their license. The bond protects the Obligee by transferring to a surety bond company the cost of ensuring the public is compensated for damages resulting from the failure of a licensed business complying with the provisions of licensing laws.

How does the North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) bond work?

North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) bonds must be issued by an insurance carrier admitted by the North Carolina Department of Insurance. The insurance company issuing any surety bond, such as the North Carolina Property Broker or Freight Forwarder BMC-84 (ICC Broker) bond, will also be referred to as the "surety company" or the "bond company". The business is referred to as the Principal, the surety bond company as the Obligor and the Federal Motor Carrier Safety Administration as the Obligee.

The surety company provides the Obligee a guarantee (the surety bond) that the customers, vendors and employees of a licensed business will receive payment for financial damages due to a violation of licensing law up the bond amount stated on the bond form ("penal sum"). The bond company also directly receives claims from the public and determines the validity of claims. Ultimately, the licensed business owners are responsible for their actions and required by law to reimburse the surety company for any payments made under the bond or face indefinite license suspension.