Public adjuster bond cost
The Ohio Department of Insurance requires public adjusters to post a $1,000 surety bond in order to become licensed and work within the state of Ohio.
Why this bond
By purchasing a public adjuster bond in Ohio, the principal (public adjuster) is held accountable to any insured party whose claim he/she is handling, as provided in section 3901-1-24 of the Ohio Administrative Code.If the principal violates the terms of the bond, the surety will compensate harmed parties for damages suffered up to the full amount of the bond. If damages occur, the principal must reimburse the surety for any money paid out in the claim.
Public adjuster bonds in Ohio remain in effect until canceled or claimed against. However, the surety has the right to cancel the bond at any time by giving written notice to the Commissioner of Insurance via registered mail with the cancellation’s effective date. Notice must be sent at least 60 days prior to the effective date of the cancellation. During that 60 day period, the principal can still have a claim filed against them until the cancellation is in full effect.
Become a public adjuster
Applicants looking to become an Ohio public adjuster must complete all the requirements, including but not limited to:
- Obtain a passing score of the Public Adjuster examination.
- Submit an Individual Public Insurance Adjuster Certificate of Authority License Application.
- Post a $1,000 surety bond
Take the first step toward getting licensed by purchasing the surety bond you need quickly, easily and accurately!
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