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Public Adjuster Bond

Public adjusters are independent insurance professionals who work with individuals to help them maximize the settlement amount of insurance claims. Anyone who plans to become a public adjuster will need to meet certain state-specific requirements first, including the need to obtain a public adjuster surety bond. This quick guide covers everything you should know about these surety bond requirements.

What is a Public Adjuster Bond?

A public adjuster bond is a financial guarantee between three parties:

  • The Principal – The public adjuster who is required to get the bond. As the principal, the adjuster must accept financial liability for all claims filed against the bond.
  • The Obligee – The state agency that regulates public adjusters. If the obligee believes the principal has done something illegal or unethical, they may file a claim for damages against the bond.
  • The Surety – The entity that issues and backs the public adjuster surety bond. The surety will automatically settle with the obligee for valid claims, after which they will collect the settlement amount from the principal.

Public adjuster bonds are basically a way to promote upstanding behavior throughout the industry by holding adjusters accountable for their misconduct. Surety bonds like this one also provide a process through which anyone harmed by a public adjuster can seek a settlement.

How Does a Public Adjuster Bond Work?

If someone feels that a public adjuster has stepped outside the bounds of acceptable behavior, they may file a claim against the public adjuster bond for an amount equal to the damages caused. The surety will then investigate the claim and, upon validating the details, will automatically settle it in full. Then, the surety will direct their attention to collecting the settlement amount from the public adjuster: the person who caused the claim in the first place, and who accepted responsibility for it under the bond agreement.

When is a Public Adjuster Bond Required?

Most but not all states require a public adjuster to have a professional license. Surety bonds are a common license requirement, and 27 states nationwide currently mandate public adjuster bonds. You will need to prove you have the required bond in the amount required by state regulators before being granted a license. Since you can't earn a license or start a career as a public adjuster until getting a bond, it pays to act fast. Rely on Viking Bond Service to make obtaining a public adjuster surety bond as simple and fast as possible.

Public Adjuster Bond Cost

The cost of a surety bond depends on two factors:

  • How large the bond must be. The cost will be a small percentage of the bond amount. A $10,000 bond will typically cost less than $500.
  • Your credit standing. People with solid credit will pay less. People with credit scores below 700 or a spotty financial history will pay slightly more, but thanks to the bad credit surety bond program at Viking Bond Service, everyone gets a fair evaluation, regardless of credit, instead of an outright rejection.

You will pay once to activate the bond. You will also need to keep the bond active to keep your public adjuster license in good standing. That means renewing the bond on an annual basis. During renewal, the surety will reevaluate your credit and adjust the premium accordingly. The largest cost, those associated with bond claims, can be avoided by following the letter of the law at all times.

Viking Bond Service – A Partner to Public Adjusters

Viking Bond Service connects public adjusters with the surety bonds they need in every state. Rely on us to make the process straightforward, to get you a bond quote within 24 hours, to keep costs competitive, and to become your long-term bond partner. We aim to make bonding easy and accessible for all. Request a quote at your convenience or connect with our team for more information – just call 1-888-2-SURETY (1-888-278-7389) or contact us in writing.

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