How much does a $50,000 public adjuster bond cost in Florida?
A $50,000 Florida public adjuster bond costs $500 and can be purchased online in minutes. Because Florida adjuster bonds are issued instantly, everyone qualifies for the same 1% rate. You can also save time and money on your renewal when you select a 2 or 3 year term at checkout.
|Bond Type||Bond Amount||Cost|
|$50,000 Public Adjuster Bond||$50,000||$500|
What is a public adjuster surety bond?
A public adjuster surety bond is a three party agreement between the adjuster (principal), the Department of Financial Services (obligee), and the surety company who backs the bond.
Public insurance adjusters must get a $50,000 surety bond as part of the licensing process. By posting a surety bond, public adjusters pledge to conduct business in compliance with the provisions of the public adjuster laws, Part IV of Chapter 626, Section 626.851 through 626.878 of the Florida Statutes, and the rules and regulations of The Department of Financial Services.
If the public adjuster fails to comply with these terms, the bond protects consumers from financial loss. Specifically, the bond authorizes the Department to recover damages sustained if the principal is guilty of fraud or unfair practices in connection with his or her business as a public adjuster.
Florida public adjuster bonds remain in full force until 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 said notice.
How to become a public adjuster in Florida
Florida insurance adjusters are required to be licensed to conduct business in the state. To get a Florida adjuster license, applicants must meet the following requirements:
- Minimum 18 years old
- Resident of Florida or maintain principal place of business in Florida
- U.S. citizen or legal alien possessing work authorization from U.S. Immigration and Naturalization Services
Applicants must also complete a public adjuster apprenticeship and proper documentation, they must have previously held an All Lines or Property and Casualty Public Adjuster license and appointment in Florida, or they must currently hold an All Lines or Property and Casualty Public Adjuster license in Florida for the past year. Applicants must also file an original $50,000 surety bond on form provided by the Department.
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