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Freight Broker Bonds

How to Get Started

Getting the Freight Broker Bonding process started with Viking is easy. There are several ways to get started on a Freight Broker Bond with Viking:

• Call us. We are happy to take your call and go over your specific Freight Broker Bond request person to person. (1-888-278-7389)
• Email us. You can email us with any questions or an explanation of what you are looking for. Be sure to include contact information so one of our specialists can get back to you on your preferred method of communication.
• Complete the Contact Form and indicate Freight Broker Bond as the Bond type. One of our specialists will contact you shortly after you complete the form.
• Use an existing Freight Broker Bond application. If you have already completed an application elsewhere, you may send that application in to us and we will work from it, rather than you completing a new one. Additionally, you can send in any Freight Broker Bond quote received elsewhere and we will attempt to beat it.
• The Freight Broker online application will be available soon.

The Freight Broker Bond Explained

The Freight Broker Bond is a $10,000 Federal Commercial License Surety Bond. The Bond is required by the FMCSA (Federal Motor Carrier Safety Administration) of a person or business intent on gaining licensure with the FMCSA. The Freight Broker Bond will be required for as long as FMCSA licensure is maintained. The Bond is an annual Bond that will require renewal every year. With Viking, Bond renewal is typically a very easy process.
The Freight Broker Bond serves to protect Truckers hired by Freight Brokers. The Bond is in place to ensure that the Freight Broker makes the appropriate payments to their Truckers for jobs completed. In an instance where a Trucker is not paid appropriately, the Trucker can claim against the Bond. If the claim is found to be valid by the Surety Company, the Freight Broker will ultimately be financially responsible for the amount paid out on the claim.
Freight Broker Bonds are also known as: ICC (Interstate Commerce Commission) Bonds, FMCSA Bonds and BMC-84 Bonds.

Freight Broker Bond Rates

Sureties consider Freight Broker Bonds to be high-risk due to higher than normal claim rates. However, Viking works with markets that welcome these Bonds. As with other types of Surety Bonds, rates for these bonds will vary based on the quality of credit and in some cases, financials. The better the credit, and financials if required, the better the rate. Poor credit will typically receive higher quotes and/or additional conditions but can still be approved.
Upon Bond Renewal, if applicable and requested, Viking can remarket the Bond to search for a better rate based on the updated credit and/or financials.

The Freight Broker Bonding Process

The first step to getting your Freight Broker Bond in hand is to contact us. The next step is to send a completed application with financials and the MC (Motor Carrier) code given by the FMCSA.
Once the application is received, we will seek approvals and quotes from our Surety Companies. Upon receipt of Surety approval, we will relay the most favorable terms to you. Freight Broker Bond quotes are typically received within 24 hours of receiving the application. Viking Quotes are free with no obligation.
Lastly, simply pay the premium and receive your Freight Broker Bond!

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