July 9, 2012 - ITS Financial Services, LLC announces the addition of a high quality 75K surety bond as part of its Diamond Broker program. The offering is in response to the newly enacted legislation mandating the higher bond limit upon all Brokerages and Freight Forwarders. 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 an affordable price. 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 quality of the bond, as well as, the status of the bond to the nearly 800,000 trucks using truckstop.com. The program will be available in August of this year.
“It is unfortunate that this burden has been placed on our members who consistently meet or exceed industry standards. Fortunately our underwriting partners have stepped up to provide a quality solution to help, and possible save, these quality businesses which perform a vital service in transportation,” 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 1,000 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 866-812-9675 x 6080