What is an Ohio Public Adjuster Bond?
Know the how-to of applying for this bond!
Before a Public Adjuster’s certificate of authority is issued or renewed, the Ohio Department of Insurance, in accordance with Chapter 3951 of the Ohio Revised Code and Chapter 3901-1-24 of the Ohio Administrative Code, requires them to post a surety bond that is approved by the Superintendent of Insurance.
A Public Adjuster is any person, partnership, association, or corporation that adjusts claims for damages or losses arising out of insurance policies that pertains to real or personal properties.
As part of his or her duty, the Public Adjuster advises, assists, investigates, or settles the insurer’s claims for certain losses as well.
What is the bond amount?
The bond amount is $1,000.
The bond premium is $100.
What are the Public Adjuster bond conditions?
- The bond will be a legally binding agreement between these three key parties:
Principal – The Public Adjuster applying for or renewing a certificate of authority
Obligee – The State of Ohio
Surety – the surety bond company that will issue the bond
- The surety bond company should be authorized to conduct business in the State of Ohio such as Surety Bond Authority
- The Principal is obligated to comply with the provisions of Chapter 3951 of the Ohio Revised Code and Chapter 3901-1-24 of the Ohio Administrative Code, and all the other applicable rules and regulations that govern public adjusters in Ohio
- In the case of a valid violation committed by the Principal, the aggrieved party is eligible to file a claim on the bond
- In the case of cancellation, a 60-day notice is required.
How can I obtain a Public Adjuster bond?
To secure this type of bond, the Public Adjuster applying for or renewing his or her certificate of authority 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 pre-qualification process is fulfilled, we will execute the bond and send it to you! Some applicants do not have to go through the underwriting process. If you need further information about this, talk to one of our expert surety bond agents today!
If you are ready to apply, start here!