Bondex Insurance Company (New Jersey),services, details claims and more

Bondex Insurance Group is a company that provides surety bond credit underwriting services and solutions to contractors and emerging companies. Surety bonds are contracts that guarantee the performance of an obligation or the payment of a debt by one party to another.

Bondex specializes in offering contract and commercial bonds, which are types of surety bonds that are used in the construction industry and other businesses. Bondex was founded in 2007 and is based in Florham Park, New Jersey.

It is a subsidiary of Builders Insurance, a mutual captive company that provides property and casualty insurance to the construction industry. Furthermore, Bondex collaborates with professional surety agents across the country and assists clients in obtaining the surety credit they need for their projects.

Bondex has a unique approach to underwriting that focuses on finding creative solutions in surety when other companies say no. Bondex claims to have assisted businesses in obtaining millions of surety bond credit in a difficult economic environment.

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Bondex Insurance Company
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About Bondex Insurance Company

Bondex is a leader in offering surety bond credit to contractors and emerging businesses.

Customized surety solutions are dedicated to being delivered to our clients.

The needs of small to mid-size construction companies in a challenging market were addressed by our company’s foundation.

A unique underwriting method is utilized, allowing us to respond promptly and efficiently, ensuring bonds are executed quickly and to our clients’ satisfaction. Innovative solutions are provided where other companies may fall short

Services rendered by Bondex Insurance Company

  • We specialize in providing comprehensive surety bond credit underwriting services, delivering tailor-made solutions to contractors and emerging businesses. Our services revolve around surety bonds, legally binding contracts that guarantee the performance of obligations and the payment of debts between involved parties.
  • In the construction industry and various sectors, we offer a diverse portfolio of contract and commercial bonds. Contract bonds play a crucial role in construction projects and encompass bid bonds, payment bonds, and performance bonds. Additionally, our selection of commercial bonds covers a wide spectrum, ranging from contractor license bonds to motor vehicle dealer bonds, sales and use tax bonds, and utility bonds, among others.
  • What sets Bondex apart is our commitment to innovative solutions when conventional methods prove insufficient. We embrace a unique underwriting approach, dedicated to finding creative avenues for clients to obtain the essential surety credit they need, even in challenging economic climates.

Over the years, Bondex has successfully facilitated the acquisition of millions of dollars in surety bond credit for                           businesses, a testament to our expertise and commitment.

  • To provide clients with top-notch service, Bondex collaborates with highly skilled surety agents located throughout the country. In addition, these professionals understand the distinct business requirements of our clients and work in close alignment with our principles.

We prioritize efficiency and expediency, ensuring the swift and satisfactory execution of bonds, ultimately aiding our                 clients in achieving their financial goals.

Bondex Insurance Company’s financial details

Premium costs: Car insurance premium costs are determined by factors like coverage type, deductible, vehicle details, driver’s age and record, and location. To receive a personalized quote, visit the company’s website or contact their toll-free number.

Payment options: Bondex Insurance Company offers flexible payment options for their car insurance customers. You can choose to pay your premium monthly, quarterly, semi-annually, or annually, opt for automatic payments from your bank account or credit card. You can manage your payment preferences online through their customer portal.

Discounts and promotional offers:Discounts on car insurance, including safe driver, multi-policy, and good student discounts, are available with Bondex Insurance Company. To check eligibility, reach out to customer service or visit their website. Periodic promotional offers like free roadside assistance, lower deductibles, and cashback rewards can be found on their social media pages or by subscribing to their newsletter.

Claim payout ratio: The claim payout ratio is a measure of how efficiently an insurance company settles the claims of its customers. It is calculated by dividing the total number of claims paid by the total number of claims received in a given period. A higher claim payout ratio indicates a better performance by the insurer. According to the latest data available from AM Best, it  has a claim payout ratio of 98.16% for 2020, which is higher than the industry average of 94.6%. This means that it has a high rate of claim settlement and customer satisfaction.

Bondex Insurance company claims

Claim Status: You can conveniently check your claim status through Bondex Insurance Company’s online portal by logging into your account or contacting their toll-free number for assistance. To verify your identity and provide an update on your claim, they will ask for your policy number and claim number.

Required Documents: When filing a claim, the necessary documents vary depending on the claim type. For a car insurance claim, you’ll need:

  1. Proof of insurance (policy document or cover note) with your policy number.
  2. Engine and chassis numbers.
  3. Accident specifics, including location, date, and time.
  4. Car’s kilometer reading.
  5. A completed and signed claim form.
  6. FIR copy (in cases of third-party property damage, death, or bodily injury).
  7. Vehicle’s RC copy.
  8. Copy of your driver’s license.

The Average Claim Approval Time at Bondex Insurance Company is approximately 30 days. However, this period can fluctuate depending on the complexity of the claim, evidence availability, and the cooperation of all involved parties. Rest assured, Bondex Insurance Company prioritizes efficient and transparent claim processing, providing you with regular updates during the process

Claim Customer Reviews: Bondex Insurance Company receives overwhelmingly positive feedback from its customers. Many clients laud their quick response times and hassle-free claim settlements. Their customer service team is highly commended for professionalism and dedication. Here are a few customer reviews:

  • Bondex Insurance provided great support for my hail-damaged car claim. Quick processing and full payment; highly recommended.”
  • “Bondex is the best insurer I’ve dealt with. Compassionate handling, flexibility, and swift, fair compensation. Very satisfied.”
  • “Impressed by Bondex’s responsive and courteous claim process. Friendly adjuster, hassle-free approval, prompt payment. Trustworthy and dependable insurer.”

Bondex Insurance Company policy exclusions, coverage limits, deductibles, and add-ons

Policy exclusions list events or damages not covered by your policy. Common exclusions include terrorism, intentional/criminal acts, natural disasters, and high-risk activities. Bondex Insurance excludes coverage for losses due to war, nuclear radiation, fraud, or illegal acts. Refer to your policy document or contact customer service for the full list.

Coverage limits define the maximum payouts for different types of claims. Bondex Insurance offers flexible limits to align with your needs.

Deductibles represent the initial amounts you’re responsible for before your policy covers the remaining claim expenses. Furthermore, Bondex Insurance Company provides flexible deductible options that vary according to the coverage type. This means you can customize your deductible based on personal preference and risk tolerance. However, opting for a higher deductible results in lower premiums; nevertheless, it’s essential to consider your financial capacity to cover expenses in the event of a claim.

Add-ons or riders offer supplemental benefits to enhance your policy’s coverage. Bondex Insurance Company presents a range of add-ons and riders to cater to diverse needs:

  • Roadside assistance: This feature ensures 24/7 emergency support for vehicle breakdowns or towing services.
  • Rental car reimbursement: It covers rental expenses when your car is undergoing repairs.
  • Gap insurance: This rider covers the gap between your vehicle’s actual cash value and the outstanding loan or lease amount if your car gets stolen or declared totaled.
  • Accident forgiveness: This feature prevents your premium from rising after your first at-fault accident.

Frequently Asked Questions(FAQ) about bondex insurance company

What is a Surety Bond? A surety bond involves a tripartite agreement among the contractor (obligor), the surety bond company, and the owner (obligee). In the construction sector, these bonds are referred to as contract surety bonds.

Types of Contract Surety Bonds:The company offers a variety of contract surety bonds tailored to contractors and subcontractors in the construction industry. These include:

  1. Bid Bonds: Ensure that the contractor will enter into a contract with the project owner if awarded the bid and provide required performance and payment bonds.
  2. Performance Bonds: Guarantee that the contractor will complete the project according to contract terms and specifications.
  3. Payment Bonds: Guarantee that the contractor will pay subcontractors, suppliers, and laborers involved in the project.
  4. Supply Bonds: Ensure the contractor provides necessary materials and equipment for the project.
  5. Maintenance Bonds: Guarantee the contractor performs repairs or maintenance as required by the contract for a specified period after project completion.
  6. Subdivision Bonds: Ensure the contractor makes necessary property or structural improvements as mandated by local authorities.

Is Surety Bonding Like Insurance? Surety bonds involve three parties: contractor, project owner, and surety company. Insurance involves two parties: insured and insurer.

Surety bond companies guarantee contractor obligations in case of default, compensating project owners and seeking recovery from the contractor.

Contract surety bonds are required by project owners, both public and private entities, to ensure project completion.

A surety bond line is granted by a surety company based on contractor qualifications, enabling bidding on multiple projects.

Bondex insurance company basic information

Category Information
Phone Number (973) 377-7000
Address 30A Vreeland Rd Ste 120, Florham Park, NJ, 07932
Customer Service contact mbauer@bondexins.com
Policy details Varies by type and amount of bond. Two main categories: contract bonds and commercial bonds. Examples of contract bonds: bid bonds, performance bonds, payment bonds, supply bonds, maintenance bonds, subdivision bonds. Examples of commercial bonds: contractor license bonds, motor vehicle dealer bonds, sales and use tax bonds, utility bonds, and more. More details on the company’s website or by contacting a customer service representative or an agent.
Email address licensing@bondexins.com
Fax number (973) 377-5077
Operating hours Monday to Friday from 8:30 AM to 5:00 PM Eastern Time

Partnership  and affiliates

Partnered businesses: Bondex Insurance Company has partnered with various businesses that provide services or products related to the surety bond industry. Some of these businesses are:

 

  • Builders Insurance: Parent of Bondex, offers property and casualty insurance to the construction industry.
  • SuretyWave: A digital platform streamlining Bondex’s bond issuance and management.
  • SuretyBonds.com: Online agency providing quick access to commercial bonds, in partnership with Bondex.
  • The Surety & Fidelity Association of America (SFAA): Represents the surety and fidelity industry, of which Bondex is a member.

Affiliated service providers: Bondex Insurance Company has affiliated with various service providers that offer complementary or supplementary services to its customers. Some of these service providers are:

  • Construction Business Owner (CBO): A media company offering construction industry resources, sponsored by Bondex for webinars and articles.
  • National Association of Surety Bond Producers (NASBP): Professional association supported by Bondex for member education in the surety market.
  • Surety Information Office (SIO): Informs the public about surety bonds, aided by Bondex through publications and materials on their value.

Sponsorships and collaborations: Bondex Insurance Company has sponsored and collaborated with various organizations and initiatives that align with its vision and values. Some of these sponsorships and collaborations are:

  • Women Construction Owners & Executives (WCOE): Bondex sponsors WCOE’s events recognizing women leaders in construction.
  • National Association of Minority Contractors (NAMC): Bondex collaborates with NAMC to provide bonding assistance to minority contractors.
  • Construction Financial Management Association (CFMA): Bondex participates in CFMA’s activities to enhance members’ financial performance.

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