North Carolina Public Adjuster Bond
Know the how-to of this surety bond today!
What is a Public Adjuster Bond?
As part of the licensure requirement for all public adjusters, a surety bond will serve as a guarantee to the North Carolina Department of Insurance that the bonded licensee will perform the following duties in accordance with the applicable laws:
- Negotiates a claim or settlement covered by an insurance contract on behalf of the insured
- Investigates, adjusts losses, or advices an insured regarding first-party claims for any losses or damages covered by the insurance policy
If the public adjuster commits a breach of the bond, the Obligee (to whom the public adjuster owes contract obligations or the beneficiary of the surety bond) will be eligible to file for a claim against the bond in order to compensate the aggrieved beneficiary.
This requirement is in pursuance of Section 58-33A-50 of the North Carolina General Statutes.
What is a Public Adjuster Bond amount?
The minimum bond amount is $20,000.
If you have an excellent credit score, you will be eligible to pay for a low bond premium or as low as 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Public Adjuster Bond?
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of North Carolina
- The bond should be made payable to the State of North Carolina for the benefit of any person who has been injured by the misconduct of the licensee
- The licensed public adjuster is obligated to obey the provisions of Sections 58-33A-1 until 58-33A-95 of the North Carolina Revised Statutes as well as the rules and regulations of the North Carolina Department of Insurance
- If the licensed public adjuster commits a violation, the aggrieved party will be eligible to file a claims against the bond