How much does a $10,000 public adjuster surety bond cost in Minnesota?
Minnesota public adjuster surety bonds cost just $100. Simply click Buy Now to visit our secure bond checkout to purchase your bond securely online today. In just a few minutes you can be on your way to being bonded as a public adjuster in Minnesota.
|Bond Type||Bond Amount||Cost|
|$10,000 Public Adjuster Bond||$10,000||$100|
Why do I need this bond?
The Minnesota Department of Commerce requires public adjusters to submit $10,000 surety bonds as part of the licensing process.
Minnesota public adjuster bonds ensure the prompt payment to any person who suffers losses resulting from fraud, dishonesty, forgery or theft in connection with the principal’s (adjuster’s) duties under Minnesota Statutes, Chapter 72B and other applicable rules and regulations. If the adjuster fails to comply with these terms and a claim against him or her is proven in court, the surety will cover resulting damages up to the full penal sum of the bond.
What’s the fine print?
Minnesota public adjuster bonds remain in effect during the term of the license, until the surety is released from liability by the Commissioner of Commerce or until canceled by the surety. In the event of cancellation, the surety must give the commissioner written notice at least 30 days prior to the cancellation date. If the bond is terminated, the adjuster’s license will be automatically suspended until a new surety bond is filed with the commissioner.
How to become a public adjuster in Minnesota
Resident adjuster applicants must complete the online license application and pay the required application fee of $50 plus a $20 technology surcharge. These applicants must pass the required exam for each desired line of authority and be fingerprinted for a criminal history record check.
Nonresident applicants must submit the paper Designated Home State Individual Insurance Adjuster License Application.
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