How much does a public adjuster surety bond cost in Illinois?
The Illinois Department of Insurance mandates that all public adjusters in the state post a $20,000 surety bond for the protection of their clients.
Suretybonds.com issues these bonds instantly for just $200 with no underwriting. Simply click Buy Now to visit our secure bond checkout and buy your bond directly from our site. In just a few minutes, you can be on your way to getting bonded as a public adjuster in Illinois.
|Bond Type||Bond Amount||Cost|
|$20,000 Public Adjuster Bond||$20,000||$200|
Why do I need this bond?
An Illinois public adjuster bond ensures that all public adjusters are held accountable for the way they conduct themselves professionally. An individual seeking to be licensed as a public adjuster must provide the bond before the license will be issued.
According to the Illinois compiled statutes, this bond “shall be in favor of this State and shall specifically authorize recovery by the Director on behalf of any person in this State who sustained damages as the result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices in his or her capacity as a public adjuster.”
What’s the fine print?
The insurance producer’s Federal Employer Identification Number (FEIN/IRS Tax ID) or social security number (SSN) must be listed on the bond form. This bond is continuous until canceled. If the bond is to be canceled, the surety company must provide the obligee with at least 30 days’ notice.
How to become a public adjuster in Illinois
To obtain or maintain a business license, all public adjusters in Illinois must meet the following criteria:
- Pay required licensing fees
- Be trustworthy, reliable, competent, and of good reputation
- Provide proof of financial responsibility (bond)
- Minimum 18 years of age
- Pass public adjusters exam
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