Common Broker Bonding Misconceptions
There are a number of significant misconceptions regarding which property broker surety instrument provider any current or prospective truck broker might choose to satisfy the FMCSA bonding requirement. In order to secure and maintain a license to arrange for the transportation of “regulated freight” in interstate commerce, you should consider the following: Perhaps the most common misconception is that all parties authorized by that agency to issue and file BMC 84 property broker bonds or BMC 85 property broker trust fund agreements are equally competent to determine who just might be entitled to claim $10,000 of your money.
When you choose Pacific Financial Association, you can rest assured that there is no other provider as well qualified or experienced as us. In fact, Pacific Financial, which currently holds nearly 5,000 BMC 85 trusts, already has satisfied that basic broker surety requirement for approximately one out of every four FMCSA licensed property brokers in the country. Furthermore, we offer additional coverage in varied amounts for all of our valued customers. Because we are the largest in the industry, we process an average of 15,000 bond claims per year. That translates to several thousand a year for each Pacific Financial claims representative. Would you really trust a large insurance companies bonding department claims adjuster, who might see fewer than 50 or so BMC 84 claims a year, to remember that the transportation of “mulch” is exempt from any freight broker bond claim, even though the transportation of “potting soil”, a mixture of “mulch” and dirt, would require payment? We don’t think so. Such considerations are important when $10,000 of your own money is on the line.