What is an Iowa Public Insurance Adjuster Bond?
As a condition of the Public Insurance Adjuster licensure, Section 522C.3 of the Iowa Code requires that all public insurance adjusters within the state furnish a surety bond. The bond will be for the benefit of the public insurance adjuster’s clients.
A public insurance adjuster is a professional who provides assistance, aids, or acts on behalf of an insured individual in seeking a claim for any loss under the terms of the individual’s insurance.
What is the bond amount?
The minimum bond amount is $20,000.
The bond premium will depend on the principal’s credit score. If the principal has an excellent credit score, he or she may qualify for a low bond premium or as little as 1% of the bond amount!
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What are the Public Insurance Adjuster bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business in the State of Iowa such as Surety Bond Authority
- The surety bond should be made payable to the State of Iowa
- The licensed public insurance adjuster is obligated to comply with Section 522C of the Iowa Code, the rules and regulations of the Iowa Division of Insurance, and all the other applicable rules
- If the licensed public insurance adjuster commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- In case of cancellation, a 30-day notice is required
How can I obtain this type of bond?
To secure this type of bond, the Public Insurance Adjuster license applicant must seek the assistance of a surety bond company.
You will first be asked to apply for this bond.
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!
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