Surety Bond

[MADBOOKER]

Hello All.

Can anyone recommend a good company that specializes in Surety bonds for Canadian transportation brokers.

I've noticed an extreme increase this year. just looking at different options.

Thanks.

 

[loaders]

We use The Guarantee Company Of North America, 954 Dundas St. Woodstock, ON 519 539 9868. The bond is obtained through our insurance broker, so I am not sure if you can go direct to this underwriter or not. The premium for us last year runs around $3000.00 for the 75k bond. I wouldn't be surprised if the rates have or will be going up this year. If you find someone who offers the bond at a significantly lower rate, please let us all know. As a broker, you know we're always looking for the "lowest rate"!

 

[MikeJr]

Marsh was about +/-$3000 also. Great company to work with, we've been loyal for many years.

Keep well,
Mike

 

[loaders]

Agreed Mike Jr. We use Marsh Canada for all of our other insurance needs, contingency cargo, general liability, errors and omissions, etc. Very knowledgeable and great to deal with.

 

[MADBOOKER]

Thanks guys for sharing.
I'm at Approx 2400.00 per year for 75000. which is up about 300.00 from last year.
If interested in seeing if you can save some $$

C.U.T.C Inc.
1295 Carol CR.
Laval
866-927-8294 or 450-687-8294

Let me know how it works out.
Danny

 

[Thefriendlybroker1]

We use CG & B for our error and omissions/ contingent cargo policy as well they get us our surety for $ 3000 USD. never had any issues with them ( been with them for 10 yrs now - based out of markham, ON )

 

[Ins-Broker]

$75,000 Freight bond is currently being offered at $3000 US.

There may be another option in the new year for about $2700 US.

 

[youngtea]

Does anyone know any insurers that are willing to work with new freight brokers (> 3 years)?

The Guarantee Company Of North America has stated they are unable to insure us because we are a new company without full collateral.

 

[PSTC]

Youngtea,

We have access to a insurer that will post your 75k bond with 0 collateral if you so wish.

Contact Tatjana @ 1-877-796-7016 for more information.

 

[Ins-Broker]

@youngtea There are other options available than Guarantee.