How much does a public adjuster bond cost in Iowa?
SuretyBonds.com offers Iowa public adjuster bonds for just $200! There’s no credit check, which means everyone qualifies for the same low rate. Simply click the Buy Now button below to visit our secure payment portal to purchase your bond online today.
|Bond Type||Bond Amount||Cost|
|$20,000 Public Adjuster Bond||$20,000||$200|
Why do I need this bond?
This bond ensures consumers that public adjusters work according to Iowa Administrative Code Section 191-55.10(1). Prohibited acts under this bond include, but are not limited to:
- knowingly making any oral or written material misrepresentations or statements that are false or maliciously critical to injure any person engaged in the business of insurance
- charging fees on a client’s settlement that were not originally agreed upon in the contract
- representing or acting as a company adjuster on the same claim
- not ensuring that all contracts for the public adjuster’s services are in writing and set forth all terms and conditions of the engagement
If the principal (public adjuster) fails to work according to the state’s regulations, a claim can be made against the bond to provide reparation for damages.
What’s the fine print?
This bond must remain in effect during the term of the license. If the surety chooses to terminate the bond early, 30 days’ notice prior to cancellation is required to be given to the obligee (state). The notice must be submitted in writing and filed with the Division.
How to become a public adjuster in Iowa
Posting a surety bond is only one part of the licensing process. Before approving a license application, the Division must find that the applicant:
- is eligible to designate this state as the individual’s home state
- has not committed any act that is ground for denial
- is trustworthy, reliable and of good reputation
- is financially responsible
- has paid all required fees
- maintains an office with public access by reasonable appointment or regular business hours
- is at least 18 years of age
- has successfully passed the public adjuster examination
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