Public Adjuster Surety Bonds: What Are They All About?

Public adjusters are insurance professionals who specialize in interviewing a claimant or witness, also going to police and hospital records if need be. They also inspect damaged properties in a bid to ascertain the extent of a company’s liability. Completing the preparation of a property damage claim is something that is considered unfamiliar territory for most home owners but this is where public adjusters excel heavily. The constituents of a public adjuster surety bond include technical terms like actual cash value, replacement costs and depreciation. All of these are terms that the policy holder will not understand, and this is where a trained claims-adjuster comes in.

Other things that the adjuster can handle are property claims involving damage to buildings and structures or liability claims involving motor vehicle accidents, slips, falls, negligent behavior etc. public adjusters that handle both types of claims are known as multi-line adjusters. There are also all line adjusters that handle any type of claims, which include professional liability. There are also all line adjusters; these specialize in all types of claims.

For a public adjuster to get licensed however, he or she needs to get a public adjuster bond. The surety bond is a sort of legal binding contract that shows that the adjuster would abide by the laws and regulations guiding the business. To qualify for a public adjuster bond however, the adjuster needs to show a good credit history. This is apart from other screenings that will be required by the bonding house. It must be noted, however, that some states do not have this down as a compulsory requirement to getting licensed. You need to crosscheck, however, to see what the requirements for your state are.