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Both public and independent adjusters need to obtain a $1,000 insurance adjuster surety bond. Independent adjusters work only on behalf of the insurance company, and public adjusters work only on behalf of insured parties. That’s an important difference in licensing for insurance adjusters, as adjusters are explicitly prevented from operating as an independent adjuster if they are licensed as a public adjuster, or vice versa.
Public and independent adjusters submit much of the same application information to the New York Department of Financial Services (DFS), though on different forms. See “More Information” to access application forms.
What is the purpose of the bond?
The insurance adjuster surety bond is an adjuster’s guarantee that they are properly licensed and following all applicable state laws. The bond provides customers a means for seeking reimbursement if an adjuster’s actions cause them financial damage. When purchasing your surety bond, make sure to specify the type of insurance adjuster’s license you are applying for.
This $1,000 surety bond is issued for just $100! Though most surety bonds’ premiums are dependent on the principal’s credit history, some smaller bonds like this one have fixed premiums. Give Absolute Surety a call to receive this low insurance adjuster bond rate!
More Information
New York Public Adjuster application forms
New York Independent Adjuster application forms
Insurance Law of the State of New York, Section 2108
From the Absolute Surety blog: A Guide to Licenses and Surety Bonds for New York Insurance Adjusters
