What is an Illinois Public Adjuster Bond?
A quick guide to one of the most important requirements for public adjusters in Illinois!
It is a requirement for all persons who are applying for a license as a public adjuster in the State of Illinois.
Under the Illinois Insurance Code, the public adjuster must maintain the surety bond with the required amount throughout the license period as well.
A surety bond will ensure that the public adjuster will perform the following obligations in accordance with the Code:
- Adjust a claim for any damages or losses that are covered by an insurance contract on behalf of the insured
- Advises an insured of another person that is engaged in adjusting damages or losses that are covered by an insurance policy
- Pay the volume of transactions owed to a company that owns the monies that comes into the possession of the public adjuster
A proven violation of the relevant statutes and regulations will be a cause for a bond claim.
What is the Public Adjuster Bond amount?
The bond amount is $20,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay for by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Public Adjuster Bond?
To secure this type of bond, the public adjuster license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond requirements?
- The surety bond should be issued by a Surety that is authorized to conduct business in the State of Illinois
- The People of the State of Illinois will be named as the Obligee
- The Director of the Illinois Department of Insurance should be authorized to recover any financial compensation from the bond on behalf of the injured claimant
- The public adjuster must obey the provisions of the Illinois Insurance Code, the Public Adjuster’s Regulatory Act, and the rules and regulations of the Illinois Department of Insurance
- If the public adjuster commits a violation, the aggrieved party will be eligible to file a claim against the bond