BondExchange, the technology leader in the surety industry, partners with Jet Insurance Company to provide insurance agents with a pure “pay-as-you-go” surety offering, further streamlining the bond quoting process for agents and their customers while completely eliminating the need for premium financing.
“Premium financing is unheard of in the surety industry. The few companies that finance bond premiums require large down payments, usurious APRs and heavy fees; even worse, the process with third party premium finance companies is slow and outdated,” says Jackson Cromer, President of BondExchange. “Few surety carriers allow for even traditional premium finance, and most brokers require principals to sign fine print that annual premiums are non-refundable. Our new monthly offering means the customers of BondExchange agents never have to pay for surety they don’t need.”
Jet Insurance Company has filed rates for monthly premiums, complementing the traditional annual and multi-year offerings, making the concept of premium finance obsolete. BondExchange pairs the monthly subscription offering with its best in class surety technology, allowing agents and their customers to seamlessly choose how to pay quoted premium with a single click.
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The monthly subscription ensures the bond stays in force as long as the insured’s payment method remains valid. If the bond is no longer needed, bond principals or their agent can easily cancel the bond online without fees or penalties.
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The subscription model takes BondExchange’s installment payment option, which already offered low down payments and no interest charges, to the next level by eliminating down payments entirely and adopting a true pay as you go model. “Our agents loved the flexibility of our installment plan and we are thrilled to bring them another solution to make the bonding process that much easier,” continued Cromer. “We are acutely aware of the growing economic strain caused by rising interest rates. Our new monthly premium solution provides our agents’ clients with a flexible and affordable option so they can focus on developing their businesses while preserving their capital and liquidity,” continued Cromer “We’re proud to partner with Jet Insurance Company to bring this solution to our agents.”
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