Jet Insurance Company Provides Relief to Contractors in Challenging Bond Market

PR Newswire

SACRAMENTO, Calif., July 19, 2023 /PRNewswire/ -- Jet Insurance Company ("Jet") is entering the market for contractor bonds in California, marking the first time in recent history that contractors will be able to purchase surety bonds directly from the insurance company.

"With Jet entering the market, we believe contractors will, at long last, see some stability with their surety partner."

Following a 66% increase in the bond amount on contractor license bonds this year, California saw several surety companies tighten underwriting restrictions or exit the market completely. "The exodus of surety companies who entered the California construction market promising low rates is leaving contractors whipsawed with higher prices and few remaining options," says the Head of Jet's California Contractor License Division. "With Jet entering the market, we believe contractors will, at long last, see some stability with their surety partner."

Jet Insurance Company views this gap in the market as an excellent opportunity to offer sustainable surety capacity to contractors in California at attractive prices, including a unique pay-as-you-go subscription option on contractor bonds. Years of prior experience in the construction surety market allows Jet to commit to bond offerings that have been properly underwritten the first time, avoiding knee-jerk price changes, which provides contractors a measure of stability in an age of soaring price fluctuations.

As the only surety company offering license bonds directly to the contractor, with no agent or middlemen, Jet is uniquely positioned to provide contractors with best-in-class service from bond quote to bond filing and all the way through to a claim if it comes to that. Jet's in-house claims team identifies claim fraud and ensures that the contractor is informed of their legal options every step of the way.

Jet Insurance Company is headquartered in Charlotte, North Carolina with offices in Sacramento, California, and Dallas, Texas. Jet is licensed in 42 states and the District of Columbia. For more information, email [email protected] or visit https://jetsurety.com/california/contractor-bond.