The Logistics of Logistics The JW Surety Bonds Story with JD Weisbrot
JD Weisbrot and Joe Lynch discuss the JW Surety Bonds Story. JW Surety Bonds is the largest writer of the BMC-84 Freight Broker Surety bonds and the largest privately owned surety agency in the country with over 70+ employees and 50,000 customers nationwide.
About JD WeisbrotJD Weisbrot is the Founder, President and Chief Underwriting Officer of JW Surety Bonds and has been in the surety industry for 22 years. In his role, JD focuses on the creation and implementation of in-house surety underwriting standards within the Underwriting Department, managing surety partner relationship, overseeing and managing surety loss trends and long term strategy relating to surety markets. During his tenure as President and CUO, JW has been instrumental in developing JW Surety into a leading player in the surety bond market. JW Surety Bonds is the largest writer of small commercial surety bonds in the United States and is the largest writer of the BMC-84 Freight Broker bond in the Country.
About JW Surety BondsFounded in 2003 by JD Weisbrot, JW Surety Bonds is a national surety bond provider that specialized in freight broker, construction, and numerous other types of surety bonds. Headquartered in Pipersville, PA JW Surety bonds is licensed on all 50 States able to offer surety and insurance products across the United States. JW Surety Bond is the largest writer of the BMC-84 Freight Broker Surety bond and is the largest privately owned surety agency in the country with over 70+ employees and 50,000 customers nationwide.
Key Takeaways: The JW Surety Bonds Story- JD Weisbrot is the Founder, President, and Chief Underwriting Officer of JW Surety Bonds, the largest writer of the BMC-84 Freight Broker Surety bonds and the largest privately owned surety agency in the country with over 70+ employees and 50,000 customers nationwide.
- In the podcast interview, JD and Joe discuss surety bonds basics along with how JD founded JW Surety Bonds.
- The BMC-84, also known as a freight broker surety bond, is a specific type of surety bond that protects shippers/motor carriers, which is required by the Federal Motor Carrier Association (FMCSA) to obtain a brokerage authority.
- To meet the requirements of becoming a licensed freight broker, you have two options: obtaining a freight broker bond (BMC-84) or a trust fund (BMC-85). They both offer advantages and disadvantages depending on the needs of you and your brokerage. Read our detailed article to determine whether you should get a BMC-84 or BMC-85.
- As of October 1st, 2013, freight brokers and forwarders are required to secure a $75,000 freight broker bond. However, highly qualified freight brokers may also opt for an additional $25,000 in bond coverage to provide extra protection for their shippers and motor carriers. Learn more about how you can stand out from the freight broker crowd with an excess bond.