CHARLOTTE, N.C.,
Sept. 3,
2024 /PRNewswire/ -- Jet Insurance Company ("Jet"), a
surety bond insurance carrier, is pleased to announce that it has
been added to the United States Treasury's Circular 570 list of
certified surety bond companies ("Treasury List" or "T-list").
The addition of Jet to the Treasury List
provides much needed capacity to the surety marketplace.
Any insurance company issuing surety bonds required by a federal
agency must be on the T-list. This is particularly important
in light of the Miller Act, a federal law that requires prime
contractors on federal jobs in excess of $150,000 to obtain a performance and payment
surety bond. Sureties must also be on the Treasury List to issue a
host of other bonds that protect the federal government, such as
bonds required by the Federal Motor Carrier & Safety
Administration, the Centers for Medicare & Medicaid Services,
the Employee Benefit Security Administration and U.S. Customs and
Border Protection.
"It's no secret that obtaining this certification has become
increasingly difficult over the past couple of decades", said
Spencer Siino, Jet's CEO. "I'm not aware of any independent
surety companies like Jet who have been added to the Treasury List
in recent years."
The addition of Jet to the Treasury List provides much needed
capacity to the surety marketplace. For example, most carriers have
exited the market for the federal Freight Broker bond, where
Jet's proprietary enhanced underwriting program ensures sustainable
capacity. In addition, Jet believes that the efficiencies brought
by its technology, personnel and processes will be helpful to the
thousands of small businesses eligible for the SBA's Surety Bond
Guarantee Program.
"Since launching in late 2018, Jet has become licensed by all
50 U.S. states and the District of
Columbia to write all surety and fidelity bonds with the
exception of bail. Our addition to the Treasury List extends our
ability to release innovative offerings to the surety marketplace",
said Richard Popp, Jet's President
and General Counsel.
About Jet Insurance Company
Headquartered in Charlotte, North
Carolina, Jet Insurance Company is the industry's only
direct to principal surety and fidelity carrier. Jet's mission is
to offer surety credit to qualified applicants at the lowest rates
in the market through the use of automation and enhanced
underwriting practices. Learn more about Jet
at jetsurety.com.
Contact:
855-296-2663
info@jetsurety.com
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SOURCE Jet Insurance Company