US Treasury Department adds aircraft insurance company to list of certified companies

CHARLOTTE, NORTH CAROLINA, September 3, 2024 /PRNewswire/ — Jet Insurance Company (“Jet”), a surety bond insurance company, is pleased to announce that it has been added to the U.S. Treasury Circular 570 list of certified surety bond companies (“Treasury List” or “T-List”).

Jet's addition to the Treasury List provides much-needed capacity to the collateral market.

Any insurance company that issues bonds required by a federal agency must be on the T-list. This is particularly important in light of the Miller Act, a federal law that requires prime contractors on federal jobs that exceed $150,000 to obtain a performance and payment bond. Sureties must also be on the Treasury List to issue a number of other bonds that protect the federal government, such as bonds required by the Federal Motor Carrier Safety Administration, the Centers for Medicare and Medicaid Services, the Employee Benefits Security Administration, and U.S. Customs and Border Protection.

“It's no secret that obtaining this certification has become increasingly difficult over the past two decades,” said Spencer Siino, Jet's chief executive. “I'm not aware of any independent insurance company like Jet that has been included on the Treasury list in recent years.”

Jet's addition to the Treasury list provides much-needed capacity to the surety insurance market. For example, most companies have exited the federal insurance market. Freight broker bondwhere Jet’s proprietary enhanced underwriting program ensures sustainable capacity. Additionally, Jet believes the efficiencies brought by its technology, people and processes will be helpful to the thousands of small businesses that qualify for the SBA Bond Guarantee Program.

“Since its launch in late 2018, Jet has been licensed in all 50 U.S. states and D.C. “To issue all surety bonds and fidelity bonds, except surety bonds. Our addition to the Treasury List expands our ability to launch innovative offerings to the surety bond market,” he said. Richard PoppPresident and General Counsel of Jet.

About Jet Insurance Company

Based in Charlotte, North CarolinaJet Insurance Company is the industry's only direct surety and fidelity insurer. Jet's mission is to offer surety credit to qualified applicants at the lowest rates in the market through the use of automation and enhanced underwriting practices. Learn more about Jet at jetsurety.com.

Contact:
855-296-2663
info@jetsurety.com

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SOURCE Jet Insurance Company