New Jersey Freight Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Please note: In order for our agency to qualify you for the freight broker bond, you will need to have both excellent credit and a strong financial standing.
Freight Brokers- New Jersey
First time licensees as freight brokers in New Jersey, as elsewhere in the United States, must provide:
- A completed freight broker application;
- Payment of a non-refundable $300 registration fee;
- Other requirements as mandated by federal law and regulation;
- a $75,000 New Jersey freight broker bond (known as BMC 84).
AmeriPro Surety Bonds provides you with the freight broker bond and helps you to have it timely filed with the FMCSA (Federal Motor Carrier Safety Administration).
Our agency offers the NJ freight broker bond as a new and renewal surety bond.
New Jersey Freight Broker Bond: The Premium and Duration
The $75,000 New Jersey freight broker bond’s premium will be determined by:
- information provided by a surety bond application;
- your credit score.
- It will be helpful if you have financial information (i.e. bank statements, and other financial information, business records, etc.) as part of the underwriting process.
While the premium will be dependent on both items, as a broad general rule, an applicant with good credit may pay as little as 2% or $1500 annually.
Applicants with poorer credit scores, if they qualify at all, may pay as much as several thousand dollars.
Once issued, the New Jersey freight broker bond is active for one year; and the bond must be renewed at the end of the licensing period.
As a feature which was just introduced in 2019, the FMCSA will now warn consumers about freight brokers whose freight broker surety bond has expired or has gone below the $75,000 minimum requirement. The FMCSA is providing this service as a warning to the public.
The Purpose of this Bond
Your New Jersey freight broker bond is a financial guarantee for the FMCSA and the public, that you will be in compliance with all rules and regulations involved in freight brokering.
The freight broker surety bond is not an insurance policy; it does not protect you. The surety bond is for the protection and the benefit of others. It protects the public from acts of fraud, theft, and criminal malfeasance on the part of a licensed freight broker.
In the event that a claim were ever paid against your surety bond, it is your legal responsibility to reimburse the surety in full.
Reading the highlighted article referenced above in italicize further underscores the importance of surety.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout New Jersey and nationwide.
Our agency provides the freight broker surety bond in all 50 states.
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