Illinois Transportation Broker Bond

 

Get An Instant Quote on an Illinois Transportation Broker Bond ($10,000) Now

What is an Illinois Transportation Broker Bond?

An Illinois Transportation Broker Bond may go my many names, such as, trucking surety bond, or transportation broker surety bond.

In order to become a licensed freight broker, you must first obtain a surety bond. This bond protects shippers and motor carriers in the event that you fail to comply with the rules set by the Illinois Commerce Commission. If a shipper or carrier files a claim against your bond, they may be compensated for any damages up to the full value of the bond.

Not a BMC-84 (Freight Broker Bond)

Illinois Transportation Broker Bonds do not fulfill the Federal requirements of BMC-84 bonds. The Illinois Transportation Broker Bond is state specific, and often both bonds are needed for transportation brokers operating in Illinois.

Do you need an Illinois Transportation Broker Bond?

Anyone operating as a licensed broker in Illinois must obtain a license and a surety bond. The state defines a broker as:

“A person who, for compensation, arranges or offers to arrange the for-hire transportation of property by a licensed motor carrier.”

Why is the Illinois Transportation Broker Bond necessary?

Surety bonds are an important part of ensuring compliance and financial stability. They’re required in all 50 states to guarantee that companies will follow their licensing or permitting requirements across a wide variety of industries, professions, etcetera. The business demonstrates its commitment both financially as well as ethically by providing proof it can uphold these standards. 

What is a Transportation Broker Bond in Illinois and how does it work?

Surety bonds are a great way to provide financial guarantees that contracts and other business deals will be completed according to mutual terms. An Illinois Transportation Bond protects carriers and shippers. The bond guarantees that the transportation broker will perform, fulfill and carry out all contracts and agreements related to the transportation of property, subject to the Illinois transportation law. 

Container white truck in ship port logistics. Transportation industry in port business.

What is the cost of an Illinois Transportation Broker Bond?

The cost of an Illinois Transportation Broker Bond is 1% of the bond amount for most applicants. This means a $10,000 bond will cost $100. The bond premium will be due each year the bond is in place. Some surety bond companies may provide discounts for those brokers who purchase multiple years in advance.

Is it possible to obtain an Illinois Transportation Broker Bond with bad credit?

While it may seem like a bad credit score means the end of your dreams, you don’t have to give up on getting bonded! Axcess-Surety can help even if your circumstances are adverse. We know that many people who fall into these types of debt include medical expenses or bankruptcies among others, so we provide options for everyone with our strong commitment to helping all individuals or companies succeed.

How to obtain an Illinois Transportation Broker Bond?

Obtaining a surety bond is quick and easy with an online application. These bonds can be issued instantly in our online systems with just a few questions and a credit check. 

Other Solutions

Freight brokers may need other bonds and transportation solutions. Axcess Surety has expertise in all types of transportation surety bonds and insurance. Contact our people today for help with all your transportation needs.

Account Executive at Axcess Surety
Glenn is dedicated to helping contractors get surety bonds and support. Glenn specializes in the construction industry with expertise in bids bonds, performance bonds and payment bonds. Glenn regularly published articles and resources for all things surety bonds.
Glenn Allen
Latest posts by Glenn Allen (see all)
Featured Posts

All Rights Letters in Surety Bonding

Increased Limits of the SBA Surety Bond Guarantee Program

Parties to a Surety Bond

Surety Backed Letter of Credit

1 2 3 24
Contact Us

Axcess Surety is the premier provider of surety bonds nationally. We work individuals and businesses across the country to provide the best surety bond programs at the best price.

Headquarters:
5440 W 110th St Suite 300-2
Overland Park, KS 66211
12288 S. Mullen Rd.
Olathe, KS 66062
magnifiercrossmenuarrow-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram
Verified by MonsterInsights