{"id":95,"date":"2012-07-03T03:35:19","date_gmt":"2012-07-03T03:35:19","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=95"},"modified":"2017-04-13T23:01:14","modified_gmt":"2017-04-13T23:01:14","slug":"bmc-84-freight-broker-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/bmc-84-freight-broker-bond\/","title":{"rendered":"BMC-84 Freight Broker Bond"},"content":{"rendered":"<p>A final surface transportation bill will be signed by President Obama this week, and will become law. \u00a0Among other mandates, the bill increases the minimum bond required of freight\/transport brokers. The <strong>freight broker surety bond<\/strong> minimum will change from the current $10,000 to $75,000. \u00a0The bill also stipulates that surety providers must notify the U.S. Department of Transportation of any surety cancellation, to be posted to the DOT website, and must pay uncontested claims within thirty days. In the event of a broker or forwarder business failure, providers are required to publicly advertise for claims for sixty days following notification of business failure, and surety cancellation. \u00a0The new requirements are problematic for sureties and their underwriters. \u00a0First, this class of surety business has always been a pain in the ass for sureties to administrate. \u00a0Even the best brokers seem to receive demand notices. \u00a0Second, sureties won&#8217;t be able to get out from under these liabilities without an onerous notification requirement and then a sixty day wait. \u00a0Third, the pool of applicants that will qualify for $75,000 of what is essentially a financial guarantee, will be very limited. \u00a0These factors and others make the <strong>BMC-84<\/strong>\u00a0class unattractive to sureties. \u00a0<a title=\"Surety One\" href=\"https:\/\/suretyone.com\" target=\"_blank\">Surety One<\/a>, <strong>leader in surety<\/strong>\u00a0will continue to offer the <strong>BMC-84 bond<\/strong>, however new conditions and qualifications will apply. \u00a0Call (787) 333-0222 or email <span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span> for further information about how you may obtain the new $75,000 BMC-84\u00a0<strong>freight broker bond<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A final surface transportation bill will be signed by President Obama this week, and will become law. \u00a0Among other mandates, the bill increases the minimum bond required of freight\/transport brokers. The freight broker surety bond minimum will change from the&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/bmc-84-freight-broker-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":2406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[60,1445,61,62],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BMC-84 Freight Broker Bond<\/title>\n<meta name=\"description\" content=\"A final surface transportation bill will be signed by President Obama increasing the BMC-84 freight broker bond from the current $10,000 level to $75,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/bmc-84-freight-broker-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BMC-84 Freight Broker Bond\" \/>\n<meta property=\"og:description\" content=\"A final surface transportation bill will be signed by President Obama increasing the BMC-84 freight broker bond from the current $10,000 level to $75,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/bmc-84-freight-broker-bond\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-03T03:35:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-04-13T23:01:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/18-Wheeler.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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