Propeller Announces Credit-Based Contract Surety Underwriting Program up to $1 Million

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Aug 23, 2022, 09:06 ET

PHILADELPHIA, Aug. 23, 2022 /PRNewswire/ -- Propeller Bonds has secured a partnership with a top US surety carrier to provide contract surety bonds in their Performance Plus Program up to $1,000,000 single/aggregate limits. This enhancement to the existing program makes Propeller the premier solution for small to midsize contractors and offers retail agents the ability to easily place performance and payment bonds based on credit metrics only.

"This is the first program of its kind of which we are aware," said Chris Kolger, COO of Propeller. "Our agents have been asking for this because other commercially available programs for credit-based underwriting tap out at $750,000. Propeller is now the only solution in the surety marketplace to place bonds up to $1 million. And we do this all at standard commissions for the retail agent while taking on all the underwriting, issuance, and payment collection for them."

Propeller maintains in-house authority for up to $1,000,000 single/aggregate limits with 100% credit-based underwriting. Moreover, this service is available within the online Propeller platform, which provides access to digital applications, quick turnaround times and an easy-to-use payment system. Additionally, Propeller will continue to pay 30% commission to agents for business submitted through Performance Plus.

Joe Perschy, CEO of Propeller, stated that this partnership "expands Propeller's surety offerings in an important way. We revolutionized the manner in which transactional commercial surety bonds are offered, and our next step is to transform the contract surety space by offering new and differentiating services to make procuring bonds easier for our agents and clients."

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Retail agents who are interested in accessing Propeller for commercial or contract surety bonds can visit www.propellerbonds.com/get-started to get appointed today.

Media Contact:
Jamie Bercik
[email protected]

SOURCE Propeller, Inc.