Public Insurance Adjusters Bond
Serving Dallas, Fort Worth, Carrollton, Arlington, Austin, El Paso, Houston, San Antonio, Irving, Plano, Grand Prairie and throughout Texas
A public insurance adjuster bond is a type of insurance for adjusters, and in many states, a requirement to be certified. The required bond value depends on your state. It will give your clients peace of mind that they will be protected in case of an error.
How It Works
Public insurance adjuster bonds are a contract between your business, the bond provider, and the state. The purchaser of the bond is the principal. The state is the obligee, because it mandates that you purchase the bond. The bond is purchased from a surety, which is the bond issuer.
States mandate purchase of a bond to protect customers from public adjusters who provide services in an illegal or incompetent manner. If a claim is filed against a public adjuster and the public adjuster is found to be at fault, then the surety will reimburse the claimant up to the value of the bond. Essentially, it functions as insurance for customers of public insurance adjusters.
How Prices Are Calculated
The total value of the bond is determined by your state. The cost of the public insurance adjuster bond is a percentage of the total value of the bond. Some of the major inputs into calculating this amount include your credit score, claim history, and time in business.
The surety company will make this decision by examining these factors. In most states, the cost is equal to 1 - 3 percent of the total bond value for applicants with good credit. Applicants with poor credit can find rates between 4-7.5 percent.
How To Purchase A Public Adjuster Bond
At TMD Surety Bonds, we work with multiple providers to help you find the best product for your needs. Due to our experience, volume, and relationships, we can find the best prices.
We work only with the most reputable surety providers, and have simplified the entire process so you can focus on what matters – your business. We are known for our exceptional customer service and quick turn-around time.