What is a Montana Public Adjuster Bond?
Know the how-to of acquiring a Public Insurance Adjuster Bond in Montana!
As a licensure requirement, title 33 of the Montana Code Annotated requires Public Adjusters in the state to procure a surety bond to fulfill his or her duties such as the following:
- Serve the insured with objectivity and loyalty
- Will not solicit during the progress of a loss-producing occurrence
- Will not allow any unlicensed employee to perform any activities that are exclusive to licensed individuals
- Will not acquire any interest in the salvage of property without the insured’s permission
- Will not refer the insured to anyone with whom the public adjuster has a financial interest without the insured’s knowledge
What is the bond amount?
The bond amount is $5,000.
The bond premium will depend on the principal’s credit score. If the principal has an excellent credit score, he may qualify for a low bond premium, or as little as $50!
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What are the conditions of a Public Insurance Adjuster Bond?
- The bond shall be issued by a surety bond company who is licensed to conduct such business in Montana
- The bond must be annually renewed
- The bond will remain valid from the date of issuance until canceled. In the case of cancellation, a 30-day notice is required
How can I obtain this type of bond?
Seek the assistance of a dependable surety bond company that is authorized to do business in Montana such as Surety Bond Authority. We will get you through the whole process with ease and efficiency!
We will first ask you to submit an application for a Public Insurance Adjuster Bond.
Once you have applied for the bond, you will be asked by one of our expert surety bond agents to gather the necessary information needed such as, but not limited to, your job performance history, financial strength, and credit score. An underwriter will evaluate all those information.
Once done, we will then execute your bond and send it to you!
A resident of Montana must meet the following qualifications to become a Public Adjuster
- The applicant must be 18 years old
- The applicant must be a resident of Montana or a resident of another state that allows Montana Public Adjusters to conduct business in their state
- If the license applicant is not a resident of Montana, the said individual should designate a home state
- The applicant must be trustworthy and must possess good moral character to ensure proper fulfillment of his obligations
- The license applicant must submit himself or herself to a licensing background examination
- The license applicant should have an office in Montana for not less than five years
Are you ready to get this bond today? Please do not hesitate to contact us!