Overview of Idaho Public Adjuster Bond Requirements
When you apply for a public adjuster license in the state of Idaho, you will be asked to post a $20,000 public adjuster bond.
This bond guarantees compliance with Title 41, Chapter 58 of the Idaho Statutes, also known as the Public Adjuster Licensing Act. This act specifies the conditions under which adjusters can operate in Idaho, as well as what constitutes a violation and may give rise to a penalty. By getting bonded, you are agreeing to follow the provisions of the law.
If you violate them, then the bond agreement also serves as a form of protection for any person that is damaged due to that violation. In this case, a claim can be filed against the bond to secure compensation for such damages. The surety that backs your bond will then examine the claim and extend compensation that can be as high as the full amount of the surety bond.
Is this your first time applying for a bond? Our ‘What is a surety bond’ guide is an excellent resource if you want to know more about why you need a bond.
In the sections below you can learn more about how much it costs to get bonded, how and why bond claims against this bond may arise, and how to apply to get bonded.
Want to know more about this bond? Call our experts at 866.450.3412 to have your questions answered!
Idaho Public Adjuster Bond Cost
The cost of getting your bond is equal to a fraction of the full amount of the bond. This fraction or bond rate is determined by the surety when it examines your personal credit score as well as, possibly, your financial statements, assets, liquidity, and even your resume.
Applicants with credit scores of 700 FICO and upward are typically offered the lowest possible rates on their bonds. Such applicants can get bonded for as little as .75%-1.5% of the total amount of their bond.
Wonder how much your bond might cost? Get a quick estimate through our bond cost calculator. You can also see the table below which provides a bond cost range, based on credit score.
Surety Bond Cost Calculator
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|Surety bond name||Surety bond amount||Credit Score|
|Above 700||Between 650-699||Between 600-649||Below 599|
|Idaho Public Adjuster Bond||$20,000||$150-$300||$200-$500||$500-$1,000||$1,000-$1,500|
Is getting bonded with bad credit possible?
While some sureties may turn down applicants with lower rates, such applicants can get bonded with us. We are able to offer bonds to applicants with lower scores through our Bad Credit Program. In this way, you can still get bonded, albeit at a slightly higher rate.
Bond rates are not fixed and by improving your score, you can get increasingly better rates over time.
Claims Against Your Bond
§41-5812 of the Idaho Statutes states that this bond is required of public adjusters in the state to provide recovery by the Department of Insurance on behalf of anyone who suffers damages due to an adjuster’s acts. In particular, this applies to such damages that are ”the result of erroneous acts, a failure to act, conviction of fraud, or conviction of unfair practices in his or her capacity as a public adjuster.”
In such a situation, the surety that covers the bond will investigate the Department’s claim against the bond. It will then typically extend compensation under the bond agreement, up to the full amount of the bond but not further. If the surety extends compensation under a claim, the bonded public adjuster is required to reimburse it in full for its coverage. This is because liability always lies with the bonded party, whereas the surety’s coverage is more akin to a line of credit which must be repaid.
Strict compliance with the bond agreement and the laws of the state are the best way for you to avoid giving rise to a bond claim!
Apply for Your Bond Here!
Complete our bond form to receive a free quote on your bond, along with full details on finalizing the bond application process. We’ll get in touch with you shortly!
It takes up to two working days for a bond to be issued after which we will forward it to you via mail and email.
Do you have any unanswered questions about getting bonded as a public adjuster in Idaho? Call us at 866.450.3412 anytime!