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What are the requirements of an FMCSA Property Broker?

April 26, 2017broker FMCSA Property requirements

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What are the requirements of an FMCSA Property Broker?

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Each company or entity is required to obtain a “surety bond” with an approved bank or insurance company, and maintain “process service” agents in all 48 contiguous states.

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To become a broker you must file Form OP-1, Application for Motor Property Carrier and Broker Authority. This operating authority requires you to have on file with the FMCSA either a surety bond (BMC-84 form provided by an insurance company) or a trust fund (BMC-85 form obtained by request to the Insurance Compliance Division at FMCSA in the amount of $10,000) as well as a Designation of Agents Form BOC-3.