Insurance Adjuster Bond

What is an Insurance Adjuster?

Insurance adjuster is a type of claims adjuster, paid by a policyholder or an insurance company to appraise and negotiate claims for the party that paid them.

There are two main types of adjusters, independent adjuster and public adjusters. Independent adjusters are paid for by the insurance company and public adjusters are paid for by the general public/consumers of insurance.

What is an Insurance Adjuster Bond?

Insurance Adjuster Bond (also known as public adjuster bond, insurance adjuster bond, claim adjuster bond) is a license & permit surety bond (a type of financial guarantee) required for insurance adjuster in certain states before they can get their licenses. In essence, it is a three-party contract between the insurance adjuster, the consumer, and the surety company. The bond is purchased by the adjuster to comply with the state licensing requirements, in order to protect the consumer interests against unethical business practices of the adjuster.

‍

Do you need an Insurance Adjuster Bond?

It depends on the state. In the states that recognize and license insurance adjusters, you will need to get your insurance adjuster bonds before you can get your license. You should check with your state's department of insurance to confirm if you need a bond.

How much do adjuster bonds cost?

Insurance adjuster bond prices vary based on two factors:

1. The state where you are getting your license

Different states have different requirements for the minimum bond amount. Given that the bond price is a % of the total bond amount, the different requirements for the minimum bond amount by different states means that the bond prices will vary by states. For example, California's insurance adjuster bond has a minimum bon amount of $2,000, whereas Texas has a minimum bond amount of $10,000

‍

2. Your credit score

Most of the adjuster bonds don't require a credit check. However, when it does, your credit score determines the % of the bond amount you will pay for the bond premium. The % of the bond amount varies from 1% of the bond amount to as high as 10%

‍

How can I get an Insurance Adjuster Bond?

You can get started now by filling out a 2-minute form and you can receive your bond within a few hours. Alternatively, you can call us at 512-774-1758 and get started with your bonding process. Given that the bond is relatively low risk, there won't be any underwriting required so we can issue your bond instantly after receiving your basic information such as name, address, etc.

Can I Get a insurance Adjuster Bond with a Bad Credit?

Yes. Given that Insurance Adjuster Bond has a history of lower claims, most bonds don't require a credit check. Only bonds with higher claim history and higher bond amount (most of the time above $75,000) require a credit check.