BondExchange Provides Freight Broker Bond Solution To Agents

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Nov 28, 2023, 10:30 ET

CHARLOTTE, N.C., Nov. 28, 2023 /PRNewswire/ -- BondExchange (https://www.bondexchange.com), the leading wholesale surety underwriter, announced an exclusive partnership with Jet Insurance Company (Jet) to provide insurance agents access to Jet's Freight Broker Bond Program.

BondExchange recently published an article outlining how this partnership will benefit insurance agents and their customers. The article can be accessed here.

"Carriers are leaving the market, and agents are having an increasingly difficult time securing BMC-84 Bonds for their customers," says Jackson Cromer, President of BondExchange. "Through our partnership with Jet, we are able to provide BondExchange agents with a reliable market to place their Freight Broker Bond business."

Over the past two years, the freight industry has seen an influx of unqualified applicants and organized criminal fraud, harming truck drivers, legitimate brokers and surety companies alike. The response from surety carriers has been to either exit the market or tighten underwriting and increase premium rates. As a result, it has become harder for insurance agents to secure the surety bonds their freight broker customers need to operate their businesses.

"The Jet team has diligently identified the current risks associated with Freight Broker Bonds and has implemented a program, which combined with our industry-leading surety technology allows agents to obtain coverage for their clients on a consistent and sustainable basis without the hassle and delays normally associated with increased underwriting," continued Cromer. "Through BondExchange, insurance agents now have full access to this program and can rest easy knowing that BondExchange will be able to provide steady underwriting in a tumultuous market."

About BondExchange

Based in Charlotte, North Carolina, BondExchange is the technology leader in the surety industry, servicing thousands of insurance agents across the U.S. BondExchange is licensed in all 50 US states and writes all types of surety bonds for all customer profiles.

Website: https://www.bondexchange.com/

Twitter: https://twitter.com/bond_exchange

LinkedIn: https://www.linkedin.com/company/bond-exchange-inc/

Facebook: https://www.facebook.com/bondexchange

Youtube: https://www.youtube.com/channel/UCXZyRNBcehs3mPDMQT6XhLA

SOURCE BondExchange