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. The minimum required bond amount is $20,000. Applications should verify their required amount of bond coverage with the state prior to bonding.
These bonds are subject to underwriting, so the price you’ll pay depends not only on your required bond amount but also on a review of your personal credit report. The best way to find out exactly how much you’ll pay for your surety bond is to request a free surety bond quote now! The SuretyBonds.com experts make the bonding process fast and easy.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Public Adjuster Bond||Starts at $20,000||Starts at 1%||4-8%||10%+||Apply Now|
Ready to begin the application process? Give us a call at 1 (800) 308-4358, or submit a bond request now. We can typically provide your free, no-obligation bond quote within 1 business day of submitting your application.
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.
The experts at SuretyBonds.com make getting the surety bond you need fast and easy. Get started now!
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:
- be at least 18 years of age
- provide evidence of having a good reputation
- be a resident of or have an office in Kentucky
- successfully pass all adjuster examinations
- be financially responsible
- and more
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.
More licensing information can be accessed via the Important Links section of this page. Take the first step toward becoming a licensed public adjuster by purchasing the surety bond you need!
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