How much does a public adjuster bond cost in Colorado?
Public adjusters in Colorado must post a $20,000 surety bond with the Department of Regulatory Agencies’ Division of Insurance.
SuretyBonds.com instantly issues these bonds for just $200! Because no credit check is required, everyone qualifies. Simply click Buy Now to visit our secure bond checkout to purchase your bond directly from our site. In just a few minutes you can be on your way to being bonded as a public adjuster in Colorado.
|Bond Type||Bond Amount||Cost|
|$20,000 Public Adjuster Bond||$20,000||$200|
Why do I need this bond?
By purchasing a public adjuster bond in Colorado, the applicant guarantees consumers that his or her duties as an adjuster will be performed faithfully and honestly. Because the applicant works directly with the policyholder and not with insurance companies, there will be no conflict of interest when negotiating on behalf of the policyholder. If the applicant conducts business unethically, such as charging fees on a client’s settlement that were not originally agreed upon in the contract, this bond will protect the client from resulting financial losses.
If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount.
What’s the fine print?
This bond will remain in effect during the term of the public adjuster’s license. If the bond is to be canceled, the surety must give the state written notice at least 30 days prior to the proposed termination date.
How to become a public adjuster in Colorado
In addition to posting a surety bond, applicants in Colorado must be licensed to legally pursue the acts of a public adjuster. A person licensed as a public adjuster cannot misrepresent to a client that he or she is representing an insurer unless appointed by an insurer in writing. Business entities acting as public adjusters are also required to obtain a public adjuster license. Before being approved by the commissioner, all parts of the application must be submitted and all fees must be paid.
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