What’s Public Adjuster Surety Bond?
Public adjuster bonds are surety bonds that intend to protect a state and its consumers from loss. A loss occurs when an insurance adjuster breaks the rules which govern the industry and causes financial harm or duress. This bond can also reimburse a state or other regulatory agency if they assess fines and fees to the adjuster. However, each public adjuster bond form is different and coverage varies depending on the form.
Which states require a Public Adjuster Bond?
A few states require these bonds. The Florida Public Adjuster Bond is the most common although Virginia and a few other states also have a bond requirement. The best way to determine if your state requires a bond is to contact them directly. They’ll provide you with an answer and amount.
How do I apply for a Public Adjuster Bond?
- Complete our online Public Adjuster Bond application, or
- Download and complete our printable Public Adjuster Bond application, and
- Receive your surety bond quote in minutes!
What does a Public Adjuster Bond cost?
Insurance adjuster bonds are inexpensive. You can find your bond cost by applying online. Your application will give the surety company access to your personal credit score. The biggest factor which determines your surety bond cost is your personal credit score. Additionally, length of time in business, past experience, and claims history all play a part in lowering your cost. On average, you can expect to pay 1-2% of your bond amount if you have excellent credit. Average credit scores usually result in a price of around 3% of the bond amount.
Let’s use a $50,000 adjuster bond amount as an example. Individuals with excellent credit can expect to pay between $500 and $1000 in premium each year. Those with less than good credit can expect to pay about $1500 and up as their credit score decreases.
How long does it take to get a bond?
Not long at all! You can receive an electronic copy of your surety bond within minutes of approval. If your state requires and original bond copy with power of attorney, we can send the bond to your address for next day delivery. Although some exceptions such as time of approval apply, most bonds can be issued the same day your application is received.