What is a Minnesota Public Insurance Adjuster Bond?
Public Insurance Adjuster license applicants and licensees are required by the Minnesota Department of Commerce to submit and maintain a surety bond. The requirement is in pursuance of Chapter 72B of the Minnesota Statutes.
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 bond amount is $10,000.
Those who have excellent credit scores may qualify for a very low bond premium! Bond premium starts at $100.
Find out what you need to pay by getting your FREE quote here!
What are the Public Insurance Adjuster bond conditions?
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Minnesota such as Surety Bond Authority
- The surety bond should be made payable to the State of Minnesota
- The Public Insurance Adjuster licensee is obligated to comply with the provisions of Chapter 72B of the Minnesota Statutes, the rules and regulations of the Department of Commerce, and all the other applicable rules that govern public insurance adjusters in the State of Minnesota
- The Public Insurance Adjuster licensee must promptly pay the amount to whom he or she is obligated to
- If the Public Insurance Adjuster licensee commits a valid violation, the aggrieved party will be eligible to file a claim on the bond
- In the case of cancellation, a 30-day notice is required
How can I obtain this bond?
To secure this type of bond, the Public Insurance Adjuster licensee or license applicant must seek the assistance of a surety bond company.
You will 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!
Ready to apply? Start HERE!