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Surety Bonds
As a freight carrier, you need to produce surety bonds on a regular basis. Based on your radius of operation or the nature of the goods you haul, you could be asked to present one of many surety bonds to Canadian and/or American authorities.
Generally, surety bonds required in the road transportation industry are financial guarantees issued by an insurer in favor of an agency (e.g.: Canadian Customs, US Customs, etc.). The bonds could be used to compensate Customs agencies when a carrier does not follow customs clearance guidelines. Surety bonds are often required by certain American states depending on the type of goods (e.g.: hazardous material, overweight/oversize loads, alcohol, etc.). For shippers that apply to the American authorities (FMCSA) to register as “freight brokers,” a BMC-84 “Property Brokers Bond” must be presented. The minimum required limit for this bond is $75,000 USD.
We’ve listed just some examples from a multitude of bonds. Burrowes does business with most of the insurers specializing in transportation surety bonds. We can promptly provide an estimate and/or insurance to meet governmental requirements and ensure the continuity of your operations.
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