Overview of Georgia Public Adjuster Bond Requirements
The purpose of this public adjuster bond is to guarantee that public adjusters comply with state rules and regulations when handling and negotiating the insurance claims of their clients. It guarantees public adjusters will conduct business in an honest and impartial manner with the best interest of their clients in mind. It is required by applicants for a public adjuster license in the state of Georgia.
The bond also offers protection in cases in which public adjusters violate those rules, and cause harm or losses to their clients. In such cases, a claim can be filed against the bond to compensate for any such losses or damages. Compensation can be as high as the full amount of the bond, also known as the penal sum.
New to surety bonds? Learn more about them from our detailed ‘What is a surety bond’ guide!
See the sections below for information regarding the cost of this bond, getting bonded with bad credit, claims against this bond, and how to apply for your bond.
If you have any additional questions about this type of bond, call us at 866.450.3412!
Cost of Getting Bonded
The Georgia Commissioner of Insurance requires applicants for a public adjuster license in the state to post a $5,000 bond before they can get license. This is the bond amount.
The cost of the bond is a percentage of that amount. Whether this percentage is high or low depends on the personal credit score of every applicant, along with other elements of their personal financial information - their financial statements, personal assets and liquidity, but also their professional experience.
Those applicants who have very high credit scores are offered the lowest rates. For this bond, the cost may be as little as $100.
For an exact quote on your bond, free of charge, submit a surety bond application, and we will shortly contact you with more information!
Bad Credit Bond Program
Even if your credit score is far from perfect, you can still get this type of bond without difficulty.
Our Bad Credit Program makes it possible for such applicants to get bonded by the same sureties that issue all the bonds we offer, though at slightly higher rates. This is because applicants with lower scores are perceived as a greater risk by sureties. But by improving your credit score over time you can get a better rate each time you apply for a bond.
Visit the program page for more detailed information about getting a such a bond, and to request a free quote.
Claims Against Your Bond
According to 120-2-3-.18 of the Georgia Insurance Department Rules, this type of bond is contingent upon public adjusters proper accounting for any moneys, proper reporting to any principal, and payment to the Georgia Commissioner of Insurance of any fees or administrative fines that are due.
If a bonded adjuster fail to comply with one of these requirements, a claim can be filed against their bond, and it may be used to provide compensation for any damages or losses that arise as a result of such actions.
Get a Public Adjuster Bond Today!
Submit your application form to get a free quote on your bond. We will also provide you with detailed information about how to finalize your application. It will take two working days for your application to be processed, and your bond to be issued.
Once we have your bond, we will mail it to you via standard mail as well as via email.
Call us at 866.450.3412 if you wish to speak to one of our surety experts, and get more information regarding this type of bonds. We look forward to hearing from you!