Public Adjuster Bond Overview
The public adjuster bond is a bond required in some states, from anyone who wishes to obtain a public adjuster license in their state. States that require a public adjuster surety bond include Georgia, Florida, New York, Illinois, Colorado, Idaho, North Carolina and Texas. Upon applying for a license, applicants must submit their bond to their local Department of Insurance or Department of Financial Services, or to the relevant agency issuing the license.
Public adjusters negotiate with insurers in evaluating a claimant’s insurance claim. In order to avoid conflicts of interest and guarantee an adjuster’s honesty, a surety bond is required of these professionals.
In other words, this bond guarantees that public insurance claims adjusters will comply with local statutes, rules, and regulations, such as the "Public Adjuster's Regulatory Act” in Illinois or the “Texas Insurance Code, Chapter 4102”, to name a few.
Should the adjuster act dishonestly, the bond also offers protection by making legal recourse against them possible. Like all surety bonds, this bond is an agreement between the bond principal (the licensed public adjuster), the obligee (the local Department of Insurance) and the surety company that vouches for the adjuster’s honesty and backs the bond financially.
When a public insurance claims adjuster violates state regulations, the obligee can file a claim against their bond, and may receive compensation from the surety up to the full amount of the bond.
In turn, the adjuster must then compensate the surety for its backing. Acting honestly and professionally, and avoiding a surety bond claim is the best option for all parties involved.
See the sections below for more details about the bond, and how to obtain yours.
Public Adjuster Bond Cost
The cost of your public adjuster bond is a percentage of the full bond amount. The bond amount for public adjuster bonds is determined by local regulations, and can vary greatly. For example, the bond amounts for the states listed above are:
- Georgia: $5,000
- Florida: $50,000
- New York: $1,000
- Illinois: $20,000
- Texas: $10,000
- Colorado: $20,000
Other states may also require a public adjuster bonds, so check with your local authorities.
Depending on which state you are applying for a public adjuster license in, your bond cost will vary and will be a percentage of the bond’s full amount. That percentage is determined by the surety company that issues your bond. When the surety processes your application, it considers your personal credit score and overall financial health, to calculate the premium you have to pay for your bond.
Sureties also take into account other factors, such as:
- Financial statements
- Personal asset profile
- Work history and experience
Applicants with a high credit score can typically expect a rate between 1%-5% of the total amount.
If you get your bond from Bryant Surety Bonds, you also increase your chances of getting a low rate. We work with some of the best sureties in the country, that have access to a wide variety of markets. All of them are A-rated and T-listed, which guarantees excellence.
Ready to apply for your bond? Simply complete and submit the online application form. To speak to one of our experts and find out more about public adjuster bonds, call us at 866.450.3412.
Bad Credit Bonds
You can get bonded even if you have a low credit score. Bryant Surety Bonds’ Bad Credit Program makes it possible for bad credit applicants to get their public adjuster bond at slightly higher rates. The exact cost of your bond will be determined when you apply, depending on your bond amount and your credit score.
By applying for a bond under this program, you are still guaranteed to receive the lowest possible rate on your bond, provided by the same expert sureties that issue all other bonds we offer.
Public Adjuster License: Application and Renewal
Requirements for getting licensed as a public adjuster vary from state to state. Some common requirements are:
- Completing a pre-licensing course or public adjuster apprenticeship
- Passing a public adjuster exam
- Obtaining a public adjuster bond
- Paying a licensing fee
How to Get Your Public Adjuster Bond
To get bonded, simply apply online here. Fill in the surety bond application form and we’ll take care of the rest. As soon as we have processed your application, we will contact you with your personalized and entirely free public adjuster bond quote.
For more information or for assistance with your bond application, you can reach us anytime at 866.450.3412. We look forward to hearing from you!