How much does a public adjuster bond cost in Kentucky?
The Kentucky Department of Insurance requires public adjusters to post surety bonds to legally work within the state.
SuretyBonds.com issues $20,000 public adjuster bonds online for just $100. Simply click Buy Now to be directed to our secure bond checkout where you can buy your bond instantly. It only takes a few minutes to be on your way to getting bonded as a public adjuster in Kentucky.
|Bond Type||Bond Amount||Cost|
|$20,000 Public Adjuster Bond||$20,000||$100|
Why do I need this bond?
By posting a Kentucky financial responsibility bond, principals (public adjusters, agents, consultants, surplus lines brokers and life settlement providers/brokers) agree to comply with all provisions of KRS 304.9-105, 304.9-330, 304.9-705(3), 304.10-140, 304.15-700 or 806 KAR 9:030, Section 1. The bond protects any person who suffers loss as a result of the principal’s erroneous actions or unlawful business practices up to the full amount of the bond.
What’s the fine print?
Public adjuster bonds in Kentucky remain in force until the principal’s license is revoked or otherwise terminated or until the bond is canceled by the surety. The surety can cancel the bond by giving written notice of cancellation to both the principal and the Commissioner of the Department of Insurance. Cancellation becomes effective 30 days after the receipt of said notice.
Kentucky financial responsibility bond forms cover agents, public adjusters, consultants, surplus line brokers and life settlement providers/brokers, so applicants should make sure to indicate the appropriate license type on the bond form.
All bonds in Kentucky are subject to a 1.8% state surcharge.
How to become a public adjuster in Kentucky
To become a licensed public adjuster in Kentucky, applicants must meet the following requirements:
- Minimum 18 years of age
- Post $20,000 surety bond
- Provide evidence of having a good reputation
- Resident of or have an office in Kentucky
- Successfully pass adjuster examinations
- Demonstrate financial responsibility
Public adjuster and insurance agent applications must be sent to the Commissioner of the Department of Insurance. All applications must be accompanied by all necessary fees and the appropriate surety bond.
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