Public adjuster surety bond cost
The Illinois Department of Insurance mandates that all public adjusters in the state post a $20,000 surety bond for the protection of their clients.
Why this bond
An Illinois public adjuster bond ensures that all public adjusters are held accountable for the way they conduct themselves professionally. An individual seeking to be licensed as a public adjuster must provide the bond before the license will be issued.
According to the Illinois compiled statutes, this bond “shall be in favor of this State and shall specifically authorize recovery by the Director on behalf of any person in this State who sustained damages as the result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices in his or her capacity as a public adjuster.”
Public adjuster surety bond details
The insurance producer’s Federal Employer Identification Number (FEIN/IRS Tax ID) or social security number (SSN) must be listed on the bond form. This bond is continuous until canceled. If the bond is to be canceled, the surety company must provide the obligee with at least 30 days’ notice.
How to become a public adjuster in Illinois
To obtain or maintain a business license, all public adjusters in Illinois must meet the following criteria:
- Pay required licensing fees
- Be trustworthy, reliable, competent, and of good reputation
- Provide proof of financial responsibility (bond)
- Be at least 18 years of age
- Pass the public adjusters exam
Apply for your surety bond
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