BondExchanges Lowers Rates in a Hardened Freight Broker Market

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Feb 01, 2024, 11:00 ET

CHARLOTTE, NC, Feb. 1, 2024 /PRNewswire/ -- Yesterday, BondExchange announced to its agency plant a material reduction in premium rates on Freight Broker Bonds through its exclusive program with Jet Insurance Company.

BondExchange recently published an article for agents detailing the new rate structure and other enhancements to the program. The article can be accessed here.

"Since first announcing the Freight Broker Bond program in November, more carriers have exited this line of business, some even canceling their bonds in the middle of the term," says Jackson Cromer, President of BondExchange. "Amidst the turmoil in the Freight Broker Bond market, BondExchange has found a way to not only provide its agents with a reliable market, but we're lowering rates and improving service."

BondExchange is able to lower rates for freight brokers while others raise them because of the enhanced underwriting of the Jet program. Criminal fraud and weak business models plague the freight brokerage industry. Jet's underwriting verifies a broker's identity, working capital, long-term business history and data from freight industry sources to ensure the program only offers bonds to real brokers with sound business models, ensuring legitimate, reputable freight brokers aren't subsidizing weak competitors and outright fraudsters.

"Jet's enhanced underwriting capabilities combined with our industry-leading surety technology provides BondExchange agents with a consistent and sustainable market with the best rates in the industry, month-to-month premium payment options, claim protection and expert underwriting and service," continued Cromer. "Through BondExchange, insurance agents can continue to service their freight broker customers while providing them welcomed rate relief in a hardening 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/@bondexchange2037

SOURCE BondExchange