Blog

Our company focuses on the ideology of putting the customer first

Our company focuses on the ideology of putting the customer first

Posted on October 11, 2019
Written by eweb-admin Reviews(2) Leave a comments

ABC Bonding of Texas provides the finest quality surety bonds at the most economical rates. Customers come first, and their time is precious to us. We feel that customers shouldn’t require to spend long hours on the internet looking for a surety bond or trying to obtain an approval for a surety bond in order to get or renew their licenses (whether it may be an auto dealer license, contractor license)

READ MORE

Our company focuses on the ideology of putting the customer first

Our company focuses on the ideology of putting the customer first

Posted on October 11, 2019
Written by eweb-admin Reviews(2) Leave a comments

ABC Bonding of Texas provides the finest quality surety bonds at the most economical rates. Customers come first, and their time is precious to us. We feel that customers shouldn’t require to spend long hours on the internet looking for a surety bond or trying to obtain an approval for a surety bond in order to get or renew their licenses (whether it may be an auto dealer license, contractor license)

READ MORE

Our company focuses on the ideology of putting the customer first

Our company focuses on the ideology of putting the customer first

Posted on October 11, 2019
Written by eweb-admin Reviews(2) Leave a comments

ABC Bonding of Texas provides the finest quality surety bonds at the most economical rates. Customers come first, and their time is precious to us. We feel that customers shouldn’t require to spend long hours on the internet looking for a surety bond or trying to obtain an approval for a surety bond in order to get or renew their licenses (whether it may be an auto dealer license, contractor license)

READ MORE

Freight Broker License Guide – BMC-84 Bond

Freight Broker License Guide – BMC-84 Bond

Posted on February 8, 2020
Written by eweb-admin Reviews(2) Leave a comments

BMC 84 Bond – $75,000 Freight Broker Bond Guide

Freight Broker Bond BMC-84, is required by FMCSA ( Federal Motor Carrier Safety Administration) for all companies providing brokerage or freight forwarding services. As of October 1, 2013 FMCSA increased the minimum financial responsibility to $75,000 freight broker bond, also known as a BMC-84. Formerly known as the Interstate Commerce Commission bond, or ICC Bond, the Freight Broker bond is legally required to operate as an authorized broker or freight forwarder. This bond guarantees payment to shippers and motor carriers in the event your company fails to carry out its contracts as is required by FMCSA. We offer low rates on all BMC-84 bonds in Houston, Texas, Dallas, Austin, San Antonio, Amarillo, El Paso, and many other major cities through the State of Texas.

This freight broker bond is also commonly known as BMC-84, property broker surety bonds. The FMCSA also allows brokers to submit a BMC-85 trust fund in place of a bond. All State Surety, Inc. only recommends submitting the BMC-85 trust fund if they do not qualify for a BMC-84 freight broker bond.

Advantages of the BMC-84 freight broker bond when compared to the BMC-85 trust. First, the band typically allows you to keep more capital in your business as all that is required is a yearly premium as opposed to a $75,000 trust. Secondly, should a claim arise the surety will investigate to ensure the claim’s validity, with the BMC-85 often times the money is just withdrawn from the trust when the claim is filed?

FMCSA acknowledges that there are motor carriers that occasionally broker loads that have not previously been required to obtain operating authority registration from FMCSA as brokers. FMCSA will accept complaints regarding unauthorized brokers through their National Consumer Complaint Database ( http://nccdb.fmcsa.dot.gov/). One $75,000 bond for both broker and freight forwarder authority is sufficient as long as the legal entity holding the authorities is the same. If your broker and freight forwarder operations are conducted under separate but affiliated companies, then each entity must have a separate bond.

For those with questionable credit, and do not qualify for the standard market, a high-risk surety bond market exists for freight brokers. This program charges higher rates than the standard market.

How to Become a Freight Broker?

I. Become a freight broker by receiving the Broker’s Authority from FMCSA. A Broker’s Authority, available through the FMCSA for a $300 fee. You fill out Form OP-1 and a file for your authority to operate as a broker.

II. A Surety Bond or Trust Fund, which you can obtain from a bank or bonding company. The cost varies depending on your personal credit. You’re required to carry a $10,000 bond or trust, but if your credit is good, some companies will put up your bond for you for a fee (normally $500 to $700 per year). The form filed with this is BMC-84 or BMC-85.

Once done, select process agents have on file. You can now receive freight loads to broker to contractors. For more information see here.

How to Verify a Freight Broker Bond?

If you’re new to working with freight brokers, you may be confused about the role of their surety bond. From the Carrier’s standpoint, the surety bond is in place as protection in case the broker refuses to pay for services rendered. Always verify a freight broker’s bond before accepting a load. Read on to learn more. Visit the Federal Motor Carrier Safety Administration (FMCSA) website. Go to the Licensing and Insurance section and choose Carrier Search.

Federal Requirement for a Freight Broker License.
Bond: Freight Broker Bond
Oblige: Federal Motor Carrier Safety Administration
1200 New Jersey Avenue
SE, Suite W60-300
Washington, DC 20590
Form: BMC-84 (electronically filed with the FMCSA)
Amount: $75,000 effective Oct. 01, 2013


Why Get a BMC-84 Bond with ABC Bonding of Texas (more…)

READ MORE

Auto Dealer License Guide – Auto Dealer Bond

Auto Dealer License Guide – Auto Dealer Bond

Posted on February 8, 2020
Written by eweb-admin Reviews(2) Leave a comments

Auto Dealer Bonds – Used Car Dealer License

An auto dealer bond is also known as MVD bond or a  car dealer bond is required by the State motor vehicle department to obtain a car dealership license. Used Auto dealer bond does not protect the used car dealer from lawsuits, but it protects the consumer from fraud or misrepresentation by the car dealer. Auto Dealer bond guarantees compliance with state laws, each state sets its own Dealer bond amount, term and the expiration date.

Auto dealer bond in Texas is set for a two-year term, Texas motor vehicle dealer bonds are also set by the state of Texas at $25,000. ABC Bonding of Texas is located in Houston Texas, but we do service all of the State of Texas, including major Texas cities like Austin, Amarillo, Dallas, Fort Worth, San Antonio, San Marcus, El Paso, Lubbock, Laredo, Odessa, Tyler, Waco, Beaumont, Galveston, Brownsville, and many others.

We Issued 1000’s for Auto Dealer Surety Bonds is Texas and 25 other States for the past 20 years. We offer one of the lowest rates for all Texas Auto Dealer bonds starting from $200/ 2 years.


Apply for Auto Dealer Bond – All Bonds are Issued the Same Day:

   Online For Faster Approvals.

Call our agents for any questions @ 800-374-9227 , Local 713-785-2138

We offer High-Risk Dealer Bonds for Clients with Poor Credit.

Requirements To Get Texas Dealer License.
  • To regulate the Auto Dealer trade, the state subjects Texas Automobile Dealer to many legal restrictions and requirements. For a new Dealer license in Texas, the first step is to obtain a General Distinguishing Number (GDN). This requires, among other things, a permanent place of business, a business Signage, enough space to display five vehicles the dealer intent to sell, etc.
  • You’ll need a GDN whether you sell new cars or used. If you also sell motorcycles. RV’s or other trailers, you’ll need separate GDN for each class of vehicle.
  • Each original GDN costs $700, and $400 to renew every 2 years.

Texas Dealer License – Forms and Applications:


Texas Motor Vehicle Department Contact Information:

Texas Department of Transportation
Licensing Section
P.O. Box 2293
Austin, TX 78768-2293
Phone: (877) 366-8887 or (512) 416-4800
Fax: (512) 416-4893
 

For help call our office at 800-374-9337 or local 713-785-2138 and one of our representatives will be happy to help you.

We offer dealer surety bonds in Texas, used car dealer Bond | auto dealer bond | dealer bond quote | dealer bond with poor credit | motor vehicle bond | mvd bond | Houston dealer bond | Austin auto dealer bond | Dallas auto dealer bond | san Antonio dealer bond | Brownsville auto dealer bond | el Paso dealer bond | Amarillo dealer bond | tyler dealer bond | dealer license | texas surety bond | texas surety bond | what is a dealer bond | Texas

READ MORE

Surety Bond – Surety Bonds Guide

Surety Bond – Surety Bonds Guide

Posted on February 8, 2020
Written by eweb-admin Reviews(2) Leave a comments

Surety Bond Types

Applying for a Texas Surety Bond online is as easy as 1-2-3. Select the bond type from the list below, and follow the instructions listed on the bond page that you have selected.

We offer excellent rates on all types of surety bonds from standard preferred rates to high-risk bonds for individuals with poor credit.

If you cannot find the surety bond you are looking for, or if you need help completing a form, please contact our customer service at 1-800-374-9227 or email us at [email protected]

Commercial Bonds – License & Permit Bonds:

 Many states, cities, and counties require business owners to acquire license and permit bonds in order to conduct business. Select the bond you need from the list below.

Contract Bonds (Construction Bonds):

A contract bond guarantees faithful performance of a construction contract and payment of all material and labor bills related to that contract. A Performance Bond covers faithful performance only; a Payment Bond guarantees payment of material and labor expenses.

Court Bonds:

 Court bonds are required for court-appointed officials entrusted with managing the property of others; executors of estates and receivers in bankruptcy are frequently required to post fiduciary bonds. Other types of court bonds include appeal bonds, which guarantee that a judgment will be paid if an appeal is lost in a higher court.

Fidelity Bonds:

These types of bonds are sometimes referred to as fidelity bonds and are insurance bonds taken by a business or employer on designated employees. The bonds provide insurance coverage in the event of employee theft, fraud, or misrepresentation.

READ MORE

Left Menu Icon