U.S. Treasury Adds Jet Insurance Company to List of Certified Companies

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Sep 03, 2024, 11:36 ET

CHARLOTTE, N.C., Sept. 3, 2024 /PRNewswire/ -- Jet Insurance Company ("Jet"), a surety bond insurance carrier, is pleased to announce that it has been added to the United States Treasury's Circular 570 list of certified surety bond companies ("Treasury List" or "T-list").

Any insurance company issuing surety bonds required by a federal agency must be on the T-list. This is particularly important in light of the Miller Act, a federal law that requires prime contractors on federal jobs in excess of $150,000 to obtain a performance and payment surety bond. Sureties must also be on the Treasury List to issue a host of other bonds that protect the federal government, such as bonds required by the Federal Motor Carrier & Safety Administration, the Centers for Medicare & Medicaid Services, the Employee Benefit Security Administration and U.S. Customs and Border Protection.

"It's no secret that obtaining this certification has become increasingly difficult over the past couple of decades", said Spencer Siino, Jet's CEO. "I'm not aware of any independent surety companies like Jet who have been added to the Treasury List in recent years."

The addition of Jet to the Treasury List provides much needed capacity to the surety marketplace. For example, most carriers have exited the market for the federal Freight Broker bond, where Jet's proprietary enhanced underwriting program ensures sustainable capacity. In addition, Jet believes that the efficiencies brought by its technology, personnel and processes will be helpful to the thousands of small businesses eligible for the SBA's Surety Bond Guarantee Program.

"Since launching in late 2018, Jet has become licensed by all 50 U.S. states and the District of Columbia to write all surety and fidelity bonds with the exception of bail. Our addition to the Treasury List extends our ability to release innovative offerings to the surety marketplace", said Richard Popp, Jet's President and General Counsel.

About Jet Insurance Company

Headquartered in Charlotte, North Carolina, Jet Insurance Company is the industry's only direct to principal surety and fidelity carrier. Jet's mission is to offer surety credit to qualified applicants at the lowest rates in the market through the use of automation and enhanced underwriting practices. Learn more about Jet at jetsurety.com.

Contact:
855-296-2663
[email protected]

SOURCE Jet Insurance Company