Get An Instant Quote on an illinois transportation Broker Bond ($10,000) Now
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
