{"id":1167,"date":"2013-05-25T04:44:20","date_gmt":"2013-05-25T04:44:20","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1167"},"modified":"2017-04-13T22:52:04","modified_gmt":"2017-04-13T22:52:04","slug":"understanding-the-bmc-84-freight-broker-bond-in-2013","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/understanding-the-bmc-84-freight-broker-bond-in-2013\/","title":{"rendered":"Understanding the BMC-84 Freight Broker Bond in 2013"},"content":{"rendered":"<p>Many freight forwarders and property brokers are having difficulty understanding the <strong>BMC-84 freight broker bond<\/strong> requirement. \u00a0The surety bond requirements were revised\u00a0under the new highway reauthorization law (MAP-21).\u00a0The <strong>BMC-84 surety bond<\/strong> amount has been increased from $10,000 to $75,000. The new law requires the surety to pay claims as follows:<\/p>\n<p>(1) the broker consents to the payment,<\/p>\n<p>(2) the broker does not respond after notice and the surety determines that the claim is valid, or<\/p>\n<p>(3) when the claim cannot be resolved and it is reduced to a judgment.<\/p>\n<p>There are some significant concerns. \u00a0Sureties are obligated to pay valid claims even when the bond principal objects. Sureties will also be required to &#8220;respond\u201d within 30 days to claims notices against the <strong><a title=\"Surety One commercial surety page\" href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\">freight broker surety bond<\/a><\/strong>. \u00a0Also, in any action against a surety to recover a claim, the prevailing party is entitled to recover costs and attorneys\u2019 fees. \u00a0As of now it is unclear whether or not those that attorneys\u2019 fees and costs can be collected along with the claim from the surety. \u00a0There have been questions about whether or not the older <strong>BMC-84 freight broker bond<\/strong> must be &#8220;replaced&#8221; with the new one, or if a\u00a0rider or endorsement will be accepted, increasing the current bond to $75,000 to comply with the new requirements. \u00a0The <a title=\"FMCSA\" href=\"http:\/\/www.fmcsa.dot.gov\/\" target=\"_blank\">FMCSA<\/a> has stated that a rider WILL be accepted. \u00a0Lastly, it is unclear how surety can be relieved or exonerated from its liability EVEN when the total penal sum of the bond has been paid out in claims.<\/p>\n<p><strong>National surety leader<\/strong>, <a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Surety One, Inc.<\/a> welcomes applications from both foreign and domestic companies operating in the United States. \u00a0Terms will be available for all credit and financial statement conditions. \u00a0Visit us at\u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\/\" target=\"_blank\">SuretyOne.com<\/a>, call\u00a0<span style=\"color: #ff0000;\">(800) 373-2804<\/span>, or email\u00a0<span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>\u00a0for further information about understanding the <strong>BMC-84 freight broker bond<\/strong>\u00a0application process or about any bonding need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many freight forwarders and property brokers are having difficulty understanding the BMC-84 freight broker bond requirement. \u00a0The surety bond requirements were revised\u00a0under the new highway reauthorization law (MAP-21).\u00a0The BMC-84 surety bond amount has been increased from $10,000 to $75,000. The&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/understanding-the-bmc-84-freight-broker-bond-in-2013\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":2401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[60,1445,2174,2173,61,1446,1630,152],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the BMC-84 Freight Broker Bond<\/title>\n<meta name=\"description\" content=\"Most freight forwarders and property brokers are having difficulty understanding the BMC-84 freight broker bond requirement. 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