North Carolina Transportation Broker Bond

North Carolina Transportation Broker Bond

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 TRANSPORTATION BROKER BOND

Purchase your Transportation Broker Bond with Jet Insurance Company for a low annual price or take advantage of our exclusive monthly payment plan.

What Is the Price of the Transportation Broker Bond?

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. 

Bond TermCost
Monthly$10
1 Year$100
2 Years$175
3 Years$250
North Carolina Transportation Broker Bond Pricing

How Does the Bond Get Filed to the North Carolina Utilities Commission?

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

Can I Cancel My Transportation Broker Bond and Get a Refund?

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.

How Does a Transportation Broker Avoid Bond Claims?

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.

What Happens If I Get a Bond Claim?

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.

Why Is the Transportation Broker Bond Required?

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.

How Does the Application Process Work With Jet?

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.

PURCHASE TRANSPORTATION BROKER BOND

How to Renew the Transportation Broker Bond

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.

Does the Transportation Broker Bond Expire?

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.

North Carolina Transportation Broker Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: