Customs brokers and freight forwarders arranging for domestic transportation outside a through air waybill or ocean bill of lading must be registered with the FMCSA and post a BMC-84 bond. Formerly known as an I.C.C. bond, rulings by the agency have determined that freight forwarders moving cargo domestically are considered property brokers or domestic freight forwarders and are regulated as such.
Newly bonded companies are securing bonds at a required $75,000 level. For existing property brokers, many faced the challenge of an increased bond from $10,000 to $75,000. IB&M worked with our existing property broker client base to understand the increase and helped secure bonds at the higher amount.
A clear declaration that a company is not in the asset-ownership business of trucking, the BMC-84 bond is the first step to ensuring compliance when offering shippers domestic trucking services. Companies who register with the FMCSA and secure a bond should also be aware of potential needs for additional insurance to close gaps in coverage. IB&M offers specialized coverages such as contingent cargo, contingent auto and domestic freight insurance to BMC-84 bond holders.