The Transportation Broker Bond is a licensing requirement for motor carriers of passengers who receive payment for the arrangement and negotiation of transportation. The bond must be in the amount of $5,000 and filed with the North Carolina Utilities Commission (NCUC) for the protection of travelers.
Purchase your Transportation Broker Bond with Jet Insurance Company for a low annual price or take advantage of our exclusive monthly payment plan.
Jet offers the Transportation Broker Bond starting at $10 per month or $100 per year. Your bond can be renewed each year or purchased for multi-year options.
Once you have purchased the Transportation Broker Bond, Jet will complete the original bond and send it directly to you. This bond requires a notarized signature from Jet (the surety company) and from you (the principal). Jet will take care of the bond on our end and mail it to you without any shipping fees.
When you receive the Transportation Broker Bond, please make sure to notarize your signature before mailing it to:
North Carolina Utilities Commission
4325 Mail Service Center
Raleigh, NC 27699
You can with Jet! If you need to cancel your Transportation Broker Bond, you will receive a refund for any unearned premium on the remainder of your term. While other companies use early cancellation to hold onto broker fees and add cancellation fees, Jet will only account for the time that is used on the bond. Any unearned premium will be refunded to you.
However, for monthly payment plans, your payment keeps the bond running for the upcoming month. When you request a cancellation, Jet will simply stop all recurring payments and send a cancellation notice to the NCUC.
When the NCUC receives a notice of cancellation, they will hold the bond for another 30 days to give you an opportunity to replace the bond. This 30-day period must be factored into your cancellation with Jet, meaning that an additional payment may be required for the monthly payment plan or that time will be included in the time used on the bond.
To prevent any bond claims, a transportation broker must follow the provisions of General Statutes 62-263 to protect their travelers. The bond serves the purpose of making sure that travelers are not financially damaged based on the transportation broker’s actions. The transportation broker is obligated to fulfill any contracts, arrangements, or agreements that a traveler has paid for. If the plans are cancelled or not completed as agreed upon, the transportation broker must refund the payment that was received.
The easiest way to avoid claims on the bond is to refund travelers right away when transportation cannot be completed. If the traveler needs to request the refund, it is in your best interest to provide the refund before it escalates to action on the Transportation Broker Bond which would result in legal fees.
In the case that a claim is filed against the Transportation Broker Bond, Jet will work on your behalf to check the validity of the claim. After an investigation has concluded, the claim will be accepted or denied. If the claim is proven valid, Jet refunds the traveler up to the full amount of the bond. Payment from the bond ensures that the traveler will receive recompense for their damages, but you are obligated to pay Jet back in the amount that was paid out.
The Transportation Broker Bond is a licensing requirement under the Public Utilities (General Statutes 62-263) and protects travelers using transportation. The bond must be held by businesses offering, negotiating, advertising, or transacting arrangements for transportation using motor carriers of passengers. Transportation brokers are obligated to fulfill all contracts and agreements of transportation. In the event that damages occur, the bond ensures the transportation broker’s fiscal responsibility to remedy any losses.
This bond is not meant to be held by a motor carrier, who is a common carrier by motor vehicles such as vehicles, machines, semi-trailers, tractors, or any combination of these that uses mechanical power and is able to travel on the highways in North Carolina.
Jet’s online bond process requests basic information and takes just minutes to complete. Jet’s team reviews the submitted information to get you approved for a competitive rate in a timely manner.
With the monthly payment program, you don’t need to worry about renewing your Transportation Broker Bond. Each payment that is received will keep your bond in effect.
For annual or multi-year payments, Jet will send you a notification ahead of the due date of renewal. You can mail in the renewal notice or simply click on the link in the emailed notice for instant renewal.
No, this bond is continuous until cancelled. The NCUC will keep the bone on file until a cancellation notice from the surety (Jet) is received.