Insurance & Technology News
ITS Financial Services Adds 75K Bond as Part of Its Diamond Broker Program
Jul 12, 2012 (Close-Up Media via COMTEX) --
ITS Financial Services announced the addition of a 75K surety bond as part of its Diamond Broker program.
According to a release, 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 company said the program will allow members to meet the new requirement. The program does not require the maintenance of collateral, which addresses an 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 possibly save, these quality businesses which perform a vital service in transportation," said Joe Foxall, CFO-ITS Financial Services.
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 Corp. (AAIC).
"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.
ITS Financial Services is an affiliate of Internet Truckstop and manages the Diamond Broker program.
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UPDATED 4:43 AM EST - May 21, 2013
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