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Opinion on verbiage

Discussion in 'Freight Broker Forum' started by J.S., Mar 29, 2017.

  1. Mar 29, 2017 #1
    J.S.

    J.S. Medium Load Member

    471
    209
    Jun 27, 2015
    Texas
    0
    Morning Any!

    I am being quoted for a bond. I had two quotes done, both of which required full payment for the year. However, I read a offer email from one which stated this:

    The above is only a conditional offer and is subject to change or recession based upon a multitude of considerations such as financial strength, evaluation of performance on contracts in progress and many other conditions. By signing and accepting this quote, you agree that premiums and fees are fully earned upon issuance of bond and are not refundable. JW Bond Consultants, Inc. reserves the right to cancel these terms and conditions at any time. Our offer is bond specific.

    Thanks in advance
     
    J.S., Mar 29, 2017
    J.S., Mar 29, 2017
    #1
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  3. Mar 30, 2017 #2
    CaseFreight

    CaseFreight Bobtail Member

    39
    32
    Aug 25, 2016
    Florida
    0
    These terms can bo tough...or nothing to worry about.

    It's up to you to take a good hard look in your own closet.
    What it basically says is their fee is subject to increase after the bond company has time to do a full background investigation on you and your company over the next several weeks.

    What they are saying is everything looks good on the surface and based on that, here is your rate, but we are going to dig in to the past and if we find anything we don't like, our risk goes up and we are going to be looking for more money to cover that risk

    Only you know your skeletons. If they find anything like poor credit, lack of assets, claims, that you didn't disclose they will raise the rate.

    If you have claims, during the bond period they will cancel or raise your rate.

    The bold print refers to the fact that once you pay for the year, no refunds, none, not of any kind, even if they cancel you early.

    With all that said, I believe this is normal ordinary business for a bond agent and if you have told them everything they need to know to honestly assess your rate, all will be fine
     
    CaseFreight, Mar 30, 2017
    CaseFreight, Mar 30, 2017
    #2
    RET423 Thanks this.
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