Sept. 12, 2012 - ITS Financial Services, LLC announces the addition of a high quality, higher limit surety bond as part of its Diamond Broker program. The offering is in response to the newly enacted Highway Reauthorization Bill mandating the higher bond limit for all Brokerages and Freight Forwarders next July.
Through a continuing partnership with Roanoke Underwriting, a division of Roanoke Insurance Group, Inc. and McGriff, Seibels and Williams, Inc., the program will allow members to meet the new requirement at a manageable price. The program provides for a 75K and a 100K option. Initial set up cost are below $6,600 and $8,600 respectively for the first year. Annual premium and fees are below $2,900 and $3,700 in future years. The program does not require the maintenance of collateral which addresses a major industry concern particularly for smaller to mid-sized firms. In addition, Internet Truckstop can advertise the size of the bond, as well as, the current status of the bond to the nearly 800,000 trucks using truckstop.com.
“We are pleased to be able to provide this option in such a tight credit environment. The costs are manageable and it does not require our members to tie up assets as collateral. Assets which would otherwise be used in growing their businesses. I believe this program will be a real benefit to many of our members who consistently meet and exceed industry standards.” says Joe Foxall, CFO-ITS Financial Services, LLC
Diamond Broker Program / Availability
Members of Internet Truckstop who maintain an “A” experience factor with Internet Truckstop and meet certain credit and performance criteria are eligible to participate in the Diamond Broker program. At present membership includes over 1,200 quality Brokers. Members have access to surety bonds underwritten by the American Alternative Insurance Corporation (AAIC). AAIC has an A.M. Best rating of A+ (Superior) which is the highest industry rating.
About Roanoke Insurance Group, Inc.
Roanoke Insurance Group, Inc. specializes in bonds and in 2010 celebrated its 75th year servicing this market. Unlike many other underwriters, bonds are the focus of their business. By partnering with Roanoke Underwriting a high level of experience, knowledge and stability can be delivered to our customers. Aside from price and value, what is particularly unique about this product is the simplified purchase process.
“Roanoke Underwriting, working with ITS Financial Services and McGriff, Seibels & Williams of Oregon, is pleased to provide a bond program for ITS customers. We have been working with our underwriters in advance of the legislation to develop an affordable bond program for all credit worthy ITS members. Our program is underwriter approved and is available in advance of the deadline to file a $75,000 bond set for summer 2013,” says Colleen Clarke, Vice President, Surety, Roanoke Underwriting.
The Partners Roles
ITS Financial Services is an affiliate of Internet Truckstop and manages the Diamond Broker program. McGriff, Seibels & Williams, Inc. serves as the licensed agent for the bond. Roanoke Underwriting serves as the managing underwriter for the bond. This relationship allows ITS Financial to report the current status of the bond at all times. Should a claim occur, the proven resources of ITS Financial and Internet Truckstop can be utilized to help successfully resolve the claim. At the same time, the fact that a bond is free of claims can be advertised to Carriers which is unique in the industry.
For more information on this product contact ITS Financial at
1-866-812-9675 x 6080