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How much does a public adjuster bond cost in Missouri?
The required amount of a Missouri public adjuster surety bond varies. Persons, partnerships, associations or corporations hoping to become licensed need a $10,000 bond, while their individual employees need only a $1,000 bond.
SuretyBonds.com issues these bonds instantly with no credit check for just $50. Simply click Buy Now to be directed to our secure bond checkout, allowing you to purchase your bond in minutes. Take the first step to becoming a Missouri public adjuster and buy your bond today!
Why do I need a public adjuster bond in Missouri?
Missouri public adjuster bonds serve as a guarantee of financial responsibility. This bond holds principals (adjusters) liable for financial losses up to the full bond amount if they engage in any fraudulent or prohibited activities. These prohibited acts are detailed in Chapter 325 of the Missouri Revised Statutes 1986. Specifically, this bond type ensures that public adjusters will account for all funds received in settlement losses or claims for holders of insurance policies within the provisions of Sections 325.010 through 325.055 of the Missouri Revised Statutes.
Additional considerations for public adjusters in Missouri
Public adjuster bonds are required by the Missouri Department of Insurance Financial Institutions and Professional Registration. These bonds are continuous until canceled, and the surety can cancel the bond at any time upon giving the director of the department 30 days’ written notice.
The surety bond form for public adjuster bonds is also the bond form for public adjuster solicitor bonds. Be sure to check the appropriate box on the bond form.
How to become a public adjuster in Missouri
Both resident and non-resident public adjusters must pass the Missouri public adjuster exam. Non-residents must provide an original letter of certification dated within the past six months issued by their resident state department of insurance, a surety bond in the proper amount and the $100 application fee in the form of a check or money order made payable to the DIFP - Insurance.