Public adjusters in New York need to post a $1,000 surety bond before doing business. They must also become licensed through the New York Department of Financial Services (DFS).
Public adjusters are insurance claims adjusters. They act as advocates for policyholders, determining the value of insurance claims and negotiating with insurance companies on the policyholder’s behalf. Public adjusters are usually employed to negotiate large claims, and renegotiate if a discrepancy is found after a claim is filed. They charge a percentage of the settlement the policyholder receives.
To obtain a public adjuster license, applicants must submit a completed application to the DFS along with their surety bond (found on pages 8-10 of the application). Some other information required in the application includes the following:
- $150 licensing fee—$100 paid the first year, $50 paid the second year
- Fingerprints electronically submitted through MorphoTrust USA
- $87.25 fingerprinting fee
- Original passed score report for an exam taken within the past 2 years
- 5 certificates of character (pages 5-7 of the application)
First-time applicants must also submit either a school certificate from a New York approved Prelicensing Course Provider or a Statement of Employer form (page 11 of the application) verifying that the applicant was employed by a licensed insurance company for at least one of the preceding three years.
Public adjusters’ licenses are valid for a fixed term: from January 1 of odd years to December 31 of even years. The surety bond should be effective for the adjuster’s licensing period. The bond ensures that adjusters comply with Section 2108 of the New York’s Insurance Law.