BondExchange Lowers Rates on Freight Broker Bonds
Economic turbulence coupled with a surge in fraudulent activities has led to fewer insurance companies willing to offer the Freight Broker Bond and higher bond premiums for freight brokers. In response to these challenges, BondExchange is actually lowering rates and expanding capacity for freight brokers through ongoing enhancements to our innovative Freight Broker Bond program with Jet Insurance Company.Â
While your competitors grapple with losing their markets and higher renewal rates, your access to BondExchange provides your clients with the lowest rates in the industry in a sustainable, unique and convenient program.
Jet’s team devised a comprehensive underwriting process that takes into account industry-specific criteria, ensuring that only qualified applicants receive coverage. Jet has by far the lowest prices on the $75,000 Freight Broker Bond for all credit tiers. BondExchange now offers Jet’s lowest rate of $849 for an annual term, including an option to pay just $85 per month for qualified applicants.
| Old Rates | New Rates | Rate Change | |||
|---|---|---|---|---|---|
| Subscription | $93 - $863 | Subscription | $85 - $750 | Subscription | 11% - 13% Lower! |
| Pay in Full | $925 - $8,625 | Pay in Full | $849 - $7,500 | Pay in Full | 8% - 13% Lower! |
While the landscape for Freight Broker Bonds may have shifted, we remain steadfast in our commitment to providing innovative solutions for our agents and their clients. Through BondExchange, agents can seamlessly navigate the challenges of the BMC-84 bond market, secure in the knowledge that they have access to the best rates and coverage options available.
While the road ahead may be challenging, there is indeed light at the end of the tunnel. With the updates to our Freight Broker Bond program, BondExchange ushers in a brighter future for the industry—one where our agents can thrive amidst uncertainty.
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