Public Adjuster Surety Bond
The Missouri Department of Insurance has required the obtainment of the Public Adjuster Bond. The required bond amount is $10,000. The bond help ensure that the public adjuster faithfully complies with the conduct business under his/her license in accordance with the provision of the public adjuster laws.
The state defines a public adjuster as: “…a person who, for compensation, acts on behalf of or aids in any manner, an insured in negotiating for or effecting the settlement of a claim or claims for loss or damage under any policy of insurance covering real or personal property or any person who advertises, solicits business, or holds himself or herself out to the public as an adjuster of those claims and any person who, for compensation, investigates, for those losses on behalf of any public insurance adjuster. The bond is required to help ensure that all rules and regulations set forth by the state are followed.”
This bond helps ensure that the public adjuster complies with all state statutes and codes. This bond will protect your clients from malpractice or detriment done by your company. These wrongdoings can be any person damaged by any misrepresentation or fraud of your services.
The bond helps guarantee that the public adjuster will follow all regulations, rules, and laws. This bond will protect the clients by guaranteeing faithful and honest performance. The bond provides surety in regaining losses in fees, fines, and expenses imposed by state regulators. If there are any poor financial decisions, damages, or violating of any laws or regulations, this bond will be used in favor of the State.
The surety company will payout if you are found at fault for a claim on your bond. Qualification for this bond will require a credit check. The rate will depend on the credit worthiness of the applicant and will carry a rate from 1% to 15%. A quote can be obtained by completing the online application.
Link to Missouri Public Adjuster Surety Bond Form: