Check the Fine Print! Surety Providers Deny Any Refund: What Does Jet Do Differently?

Jet Surety recognizes the importance of separating earned premium from unearned premium for our Freight Broker customers. Life unexpectedly changes, and we do our best to work with our customers to refund any unearned premium. Jet doubles down on its recognition of unearned premium by remaining the only direct surety provider to offer monthly payments, reducing the initial financial burden of the BMC-84 bond.

Defining Earned Premium

“Earned premium” refers to the dollar amount that an insurance company has collected for providing coverage for a specific time. Earned premium takes into account the time that has already elapsed within the policy term, unlike written premium which represents the total amount charged for the entire term of an issued policy.

Calculating Unearned Premium

The calculation of unearned premium involves a time-based assessment plus any losses the insurance company has incurred from the bond. If a policy has been in force for six months out of the standard one-year term, the insurance company would recognize half of the total premium as unearned.

The Jet Surety Difference

Some surety providers do not discriminate between earned and unearned premium. Jet customers put themselves in a more secure financial position by not risking the forfeiture of their hard-earned money under shady bond agreements with “premium is fully earned upon issuance” whispered in the fine print.

Recognition of unearned premium helps establish the surety provider’s commitment to its customers and the ongoing provision of their coverage. We strive to treat the financial health of our bonded customers with due respect and guard their pockets from unscrupulous contracts.

If you are interested in applying with Jet Surety or thinking about starting your own business, give us a call at 855-470-3773 or apply online here.