BMC-84 Broker Freight Forwarder Surety Bond Form
This is the BMC-84 form required for brokers and freight forwarders to ensure financial responsibility. It serves as a surety bond, guaranteeing compliance with U.S. regulations. Completing this form is essential for legal operation in the transportation industry.
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How do I fill this out?
To fill out the BMC-84 form, gather the required information about your business and surety company. Ensure you understand the terms and conditions outlined in the form. Then, carefully enter the details in the designated fields without any errors.
How to fill out the BMC-84 Broker Freight Forwarder Surety Bond Form?
1
Identify and gather the necessary information about your business.
2
Type the information into the designated fields on the form.
3
Review the form for accuracy and completeness.
4
Print the completed form.
5
Submit the form as directed.
Who needs the BMC-84 Broker Freight Forwarder Surety Bond Form?
1
Brokers need this form to comply with U.S. transportation regulations.
2
Freight forwarders are required to have this bond for financial responsibility.
3
Motor carriers must receive assurance of liability from brokers.
4
Shipping companies require this bond for legally valid contracts.
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Surety companies issue this form to affirm their backing of the broker's obligations.
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What are the instructions for submitting this form?
Submit the completed BMC-84 form online via the FMCSA website or by mailing it to the Federal Motor Carrier Safety Administration, 1200 New Jersey Ave, SE, Washington, DC 20590. Ensure that the submission is accompanied by the surety bond from the issuing company. It’s essential to follow up to confirm that your form has been processed correctly.
What are the important dates for this form in 2024 and 2025?
The BMC-84 form was revised on 05/19/2017 and has an expiration date of 05/31/2020. Ensure you are using the most current version for compliance. Monitoring for updates beyond 2020 is essential to maintain valid submissions.
What is the purpose of this form?
The purpose of the BMC-84 form is to serve as a surety bond for brokers and freight forwarders in the transportation industry. It guarantees that the principal is financially capable of fulfilling contractual obligations with motor carriers and shippers. This bond secures compliance with federal regulations governing the transport of goods.
Tell me about this form and its components and fields line-by-line.
- 1. Principal Name: The official name of the broker or freight forwarder.
- 2. Principal Address: The complete street address where the principal operates.
- 3. Surety Company Name: The name of the surety company providing the bond.
- 4. Surety Address: The complete street address of the surety company.
- 5. Bond Amount: The financial sum for the surety bond, typically $75,000.
- 6. Effective Date: The date the bond becomes active.
What happens if I fail to submit this form?
Failing to submit the BMC-84 form may result in legal issues and the inability to operate as a broker or freight forwarder. Additionally, penalties may be imposed for non-compliance with federal regulations.
- Legal Penalties: Non-compliance could lead to fines and legal repercussions.
- Operational Delays: Without submission, your ability to operate may be hindered or halted.
- Loss of Credibility: Failure to maintain required compliance can damage business reputation.
How do I know when to use this form?
- 1. Initial Licensing: Required upon initial application for broker or freight forwarder licensing.
- 2. Contractual Agreements: Needed when entering contracts that require proof of financial responsibility.
- 3. Regulatory Compliance: Mandatory for compliance with federal motor carrier regulations.
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