Updated: July 26, 2024
As the CEO of Jet Insurance Company detailed in a recent in-depth Suretypedia article, the market for Freight Broker Bonds has been decimated by a punishing economic cycle and a surge of criminal fraud.
If you’ve attempted to obtain a Freight Broker Bond in the past six months, you’ve likely encountered higher rates, more stringent underwriting requirements and a sense of dreadful anticipation from the surety company that issuing a bond will result in a full claim.
Carriers are running for the hills, and the ones choosing to remain are battening down the hatches in an attempt to weather the hardening market.
What does this mean for you? If the rest of the industry had its way, only the upper echelon of applicants would have even a remote chance of obtaining a BMC-84 bond. This would exclude most applicants, and they would have difficulty securing coverage.
Thankfully, we’ve found a better path forward.
We just announced a partnership with Jet Insurance Company that provides BondExchange agents with exclusive access to a new Freight Broker Bond program that combines enhanced underwriting with the most advanced technology the surety industry has ever seen, ensuring BondExchange agents have sustainable, unique and convenient access to this hard-to-place line.
