How to Get the 75K Freight Broker Bond

Aug 23, 2013 at 07:51 AM CST
Legislation that increased the freight broker bond to $75,000 continues to be a hot topic for freight brokers and forwarders everywhere, as well as those contemplating entering the industry for the first time. Although opposition to the new regulations has been widespread, right down to the filing of an injunction to overturn certain provisions in the new law, it would appear that all systems are “go" and brokers and forwarders will need to get this new bond in place by October 1, 2013. There has been much discussion about the increase to $75,000 and the available choices to meet the financial security requirement. If you have already decided that the bonding option works best for your business, now is the time to locate a surety agent to get your bond in place. Finding a Surety Agency Due to the high volume of claims in the freight broker industry, not many surety companies are willing to write freight broker bonds. As with most insurance and surety carriers, agencies are usually appointed to represent the companies. The best sureties work solely with agencies that can deliver large bond premium volume and fully understand the complexities of surety bonds. These relationships result in greater underwriting flexibility which translates into a greater rate of approval with better rates for the business owner. Just about any property/casualty agency can sell the occasional bond, but finding someone with sufficient surety experience plus access to the best programs and rates is a different story. Ask for referrals for surety agencies and look online. Do your research - find out how long agencies have been selling surety lines, how many bonds they issue, and who their carriers are including their A. M. Best ratings. Lastly, make sure online approvals are available for speedy acquisition of your bond. Your business and time are valuable; ask for assurance your bond will be filed on time so there is no risk to losing your authority. How to Find the Right Program Once your agency choice is narrowed, find out all details of the program being offered. As the leading writer of U.S. freight broker bonds, JW Surety has negotiated a bond program created with the small to mid-sized freight brokers in mind. This exclusive market with a T-listed, A-rated surety has all the elements you need: • Best rates • No collateral • Good or bad credit • No experience needed • No financials required • Instant online approval As a surety bond only agency, JW Surety Bonds offers the fastest turnaround in the industry from application to issuance. Most bond requests are approved instantly with our online application. Although the $75,000 bond will not be required until October 1 confidence your bond will be in place with no disruption to your business. st , act now, get approved and gain the View Original Article

Aug 23, 2013 at 07:51 AM CST

Legislation that increased the freight broker bond to $75,000 continues to be a hot topic for freight brokers and forwarders everywhere, as well as those contemplating entering the industry for the first time. Although opposition to the new regulations has been widespread, right down to the filing of an injunction to overturn certain provisions in the new law, it would appear that all systems are “go" and brokers and forwarders will need to get this new bond in place by October 1, 2013. There has been much discussion about the increase to $75,000 and the available choices to meet the financial security requirement. If you have already decided that the bonding option works best for your business, now is the time to locate a surety agent to get your bond in place. Finding a Surety Agency Due to the high volume of claims in the freight broker industry, not many surety companies are willing to write freight broker bonds. As with most insurance and surety carriers, agencies are usually appointed to represent the companies. The best sureties work solely with agencies that can deliver large bond premium volume and fully understand the complexities of surety bonds. These relationships result in greater underwriting flexibility which translates into a greater rate of approval with better rates for the business owner. Just about any property/casualty agency can sell the occasional bond, but finding someone with sufficient surety experience plus access to the best programs and rates is a different story. Ask for referrals for surety agencies and look online. Do your research - find out how long agencies have been selling surety lines, how many bonds they issue, and who their carriers are including their A. M. Best ratings. Lastly, make sure online approvals are available for speedy acquisition of your bond. Your business and time are valuable; ask for assurance your bond will be filed on time so there is no risk to losing your authority. How to Find the Right Program Once your agency choice is narrowed, find out all details of the program being offered. As the leading writer of U.S. freight broker bonds, JW Surety has negotiated a bond program created with the small to mid-sized freight brokers in mind. This exclusive market with a T-listed, A-rated surety has all the elements you need: • Best rates • No collateral • Good or bad credit • No experience needed • No financials required • Instant online approval As a surety bond only agency, JW Surety Bonds offers the fastest turnaround in the industry from application to issuance. Most bond requests are approved instantly with our online application. Although the $75,000 bond will not be required until October 1 confidence your bond will be in place with no disruption to your business. st , act now, get approved and gain the

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