How much does a public adjuster bond cost in Washington D.C.?
Public adjusters in Washington D.C. are required to post a $20,000 surety bond with the Department of Insurance, Securities and Banking.
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|Bond Type||Bond Amount||Cost|
|$20,000 Public Adjuster Bond||$20,000||$200|
Why do I need this bond?
By posting a Washington D.C. public adjuster bond, the principal (public adjuster) pledges to conduct business in accordance with the Licensure as a Public Insurance Adjuster Title 26A Statutes.
If the principal fails to comply with the terms stated in the statute, the bond protects the department from financial loss. Specifically, the bond authorizes recovery by the department of the damages sustained if the principal is guilty of fraud or unfair practices in connection with his or her business as a public adjuster.
What’s the fine print?
Public adjuster bonds in Washington D.C remain in full force for one year unless canceled. The surety can cancel the bond by giving written notice of cancellation to the principal and the department. The bond will be canceled 30 days from the receipt of the notice.
How to become a public adjuster in Washington D.C.
To obtain or maintain a business license, all public adjusters in Washington D.C. must complete the following requirements:
- Pay required licensing fees
- Minimum 18 years of age
- Pass public adjuster exam
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