Public adjuster bond cost
Surety Bonds offers New York public adjuster bonds for just $100! Because this bond is not subject to underwriting, everyone qualifies instantly and no one is turned away.
Why this bond
By purchasing a public adjuster bond in New York, the principal (public adjuster) is guaranteeing consumers that his or her duties as an adjuster will be performed faithfully and honestly. Because the applicant works directly with the policyholder, there will be no conflict of interest when negotiating on behalf of the policyholder.
If the applicant conducts business unethically, such as charging fees on a client’s settlement that were not originally agreed upon in the contract, this bond will protect the client from unnecessary misconduct. More prohibited acts include:
- knowingly making any oral or written misrepresentations that are false or maliciously critical to injure any person engaged in the business of insurance
- not ensuring that all contracts for the public adjuster’s services are in writing
- not remaining in compliance with the New York State Department of Financial Services
If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount.
Public adjuster bond details
This bond will remain in full force and effect for a period of 2 years. However, it must also expire on December 31 of even years, so the premium you pay for your first term may be prorated depending on when you purchase the bond.
If the principal does not remain in compliance with the conditions stated in the bond form, the bond becomes null and void. The signature of a notary public is required to be present on the bond form to acknowledge the agreement between all three parties, meaning the surety, principal and obligee (Department of Financial Services).
Become a public adjuster
It is against the law for an individual to solicit, sell or negotiate insurance in New York without being properly licensed by the Department of Financial Services to do so. In order to become licensed, applicants must submit the following:
- a surety bond in the amount of $1,000 to cover the licensing period
- a completed application form
- required licensing fee
- original passed score report for the examination
- full set of fingerprints
- 5 certificates of character for each licensee or each sub-licensee
- proof of required filing of a partnership, corporation, LLC or trade name
Apply for your surety bond
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