What do you need to know about the new standards for freight brokers and freight forwarders?
Effective October 1, 2013, the minimum bond limit for a BMC-84 Freight Broker Bond increases from $10,000 to $75,000.
If you have not already started with getting approved for the new minimum limit, you need to get going right away.
In the past, domestic property freight forwarders were required only to show evidence of cargo insurance with the posting of a BMC-34 filing.
Effective October 1, 2013, domestic freight forwarders will be required to post a BMC-84 bond in the amount of $75,000, plus evidence of public liability (presumably $750,000 CSL) in addition to their cargo requirement.
None of these regulations have any impact on international freight forwarders.