New Mexico Freight Broker Bond | AmeriPro Surety Bonds | 844-589-9732
New Mexico Freight Broker
New Mexico freight brokers are those who are authorized to carry goods or cargo from one location to another, and who have no personal business interest in the items being transported.
New Mexico Freight Brokers: Regulatory Bodies
New Mexico freight brokers who are domiciled in the state will want to properly register, which involves an application and payment of related fees with the New Mexico Public Regulation Commission.
In addition to New Mexico’s state requirement, there is the federal requirements for becoming and maintaining a license as a freight broker.
The Federal Motor Carrier Safety Administration is the federal body which licenses New Mexico freight brokers.
FMCSA Freight Broker Licensing
For those who need or will need to renew their New Mexico freight broker bond, AmeriPro will work with you to provide the best pricing available.
Below, however, we will provide some information on the requirements for new New Mexico applicants for the freight brokerage license.
- Applicants for a freight broker license will need to pay a $300 application fee. You will want to assume that the fee is non-refundable;
- Applicants will need to provide the structure of their business operations (i.e. corporation, LLC, etc). If the business is a sole proprietorship, it is recommended that applicants obtain an EIN number rather than use their social security number;
- Applicants will need to obtain a liability insurance policy (AmeriPro Surety Bonds will help you) with a minimum amount of $5,000 which is for “…loss of property on any one vehicle”.
And 10,000 “….for damage to property occurring at any one time and place.”
After the first initial application is received, the applicant will be given an MC/FF number.
After this there will be a 10 day period in which your application will be made public and others may come forth to state why you should not be given operating authority (that is, why you should not be granted a freight broker license).
You may wish to meet your surety bond and liability insurance requirements during the 10 day period; or, you may choose to wait the waiting period’s expiration.
New Mexico Freight Broker Bond
The New Mexico freight broker bond is for $75,000 and is required by the FMCSA (they are the obligees) for this bond.
The bond is required to protect the FMCSA and businesses which contract with the freight broker from acts of fraud, theft, and malfeasance involved in transacting business as a freight broker.
Duration of the New Mexico Freight Broker Bond
The New Mexico freight broker bond is issued for one year.
Thereafter, the bond must be renewed in order to maintain the freight broker license.
Premium Amount of the New Mexico Freight Broker Bond
The $75,000 freight broker bond may have an annual premium as low as $1,500.
The final premium amount will be determined, however, by the applicant’s credit score.
AmeriPro Surety Bonds will work for you to obtain the best pricing for your freight broker bond.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bond-only agency which provides license and permit, contractor and fiduciary surety bonds in New Mexico and all 50 states.
We welcome the opportunity to place our surety-bond expertise for your use.