THE DAT BROKER BOND
DAT has partnered with Integro insurance brokers to offer DAT customers an A-rated surety bond.
If you haven't received a quote for your broker bond recently, you may be paying too much.
This is bond renewal season for many freight brokers. As you may recall, the MAP-21 Act increased the minimum bond requirement from $10,000 to $75,000 starting October 1, 2013. Brokers scrambled in September 2013 to meet that deadline, and many simply didn't have time to shop around.
Prior to the new broker bond requirements, DAT partnered with a leading insurance brokerage, Integro, to offer a bond with a special rate and terms for DAT customers. Recently, Integro added an additional insurance provider that could offer brokers an even more competitive rate and terms. Even if you've received a quote from Integro in the past, it would be worth your while to get an updated quote. This is especially true for newer brokerages.
Prices for broker bonds generally fall into two categories:
- New brokerages - These are brokerages that have been in business less than 2 years. For these companies, underwriters look at PERSONAL credit information and credit scores when determining rates.
- Established brokerages - These are companies that have been in business longer. Rates are set by looking at the COMPANY's TransCredit scores, or personal credit, depending on the preference of the applicant.
The DAT Broker Bond
Here are some of the advantages of the DAT Broker Bond, offered through Integro:
- A-Rated Surety Bond – Integro is the nation’s eighth largest private insurance brokerage with offices throughout the U.S., Canada and the U.K. Integro’s surety bond is rated “A” (excellent) by A.M. Best.
- Discount for DAT Customers – Integro offers a special rate for DAT customers, which makes the premium more affordable.
- No Collateral Required – As a courtesy to DAT customers, Integro will waive requirements for initiation fees, collateral and financial statements for those who qualify.
For more information, or to get a quote as a DAT customer, visit Integro’s DAT Broker Bond web page.
Categories: DAT Product News