Surety Bonds vs. Insurance July 30, 2021 A common misconception among insurance agents is that surety bonds are just another insurance product, no different from standard, more traditional lines. However, any agent who has actually worked to obtain a surety bond knows that this is far from the truth. While surety bonds are technically considered …
Oil Industry Woes Lead to Massive Changes in the Insurance Industry July 21, 2021 A recent ruling by a federal judge dictates that oil companies must contribute to the roughly $7.2 billion in cleanup costs of decommissioning oil wells in the Gulf of Mexico. The ruling marks a significant turn in the bankruptcy case of …
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Why Do Surety Companies Examine Credit? July 14, 2021 Surety bonds have a unique set of underwriting requirements not present in other lines of insurance, and arguably the most important aspect of surety underwriting is examining the principal’s (your customer’s) credit history. Surety bonds are a niche product, and chances are your agency specializes in …
Gym Reopenings Spell Opportunity for Insurance Agents July 1, 2021 2020 was a tough year for the fitness industry. Government mandated lockdowns and a lack of consumer confidence in the safety of gyms resulted in the industry experiencing a 58% decrease in revenue compared to 2019, and 7 major fitness companies closing their doors for …
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The Importance of Market Access June 24, 2021 Picture this: Your customer contacts you requesting a surety bond, so you begin shopping quotes to find the right coverage. You find a broker who comes recommended by one of your colleagues. You request a quote, only for it to come back three times higher than you …
Promote Your Agency Today! One of the primary keys to success for independent insurance agencies is having an innovative marketing strategy. At BondExchange, we actively promote our agents, because after all, our success rests on the success of our agents. We provide all insurance agents enrolled with us with free promotional materials advertising your …
Why Surety Companies Examine Moral Character June 2, 2021 Surety companies oftentimes examine the moral character of the principal during the bond application process. This aspect of surety underwriting can seem a bit strange to first time surety buyers. Can you imagine if every time you went to the grocery store the cashier performed a …
Why Surety Companies Require Financial Statements May 13, 2021 If your customer needs a surety bond then they may be required to submit both personal and business financial statements during the bond application process. This often comes as a shock to first-time surety buyers, as rarely do other lines of insurance utilize financial statements in …
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Agency Tips: Alleviating Production Pressure April 30, 2021 Insurance agents are constantly feeling the pressure to produce. Sales generate revenue, and we all know agents can’t stay in business without growth. However, there are only so many hours in the day, and agents often find themselves hard pressed trying to both attract new customers while …
April 20, 2021 How to Combat the Perception of Insurance as a Commodity Consumers are most inclined to purchase products from platforms that save them money and are simple to use. Insurtech platforms seek to take advantage of this by leveraging technological savviness in markets that, historically, have not been subject to disruptive technological advancements. …
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