New Jersey Public Adjuster Bond Overview
- Purpose: To hold public adjusters financially liable for fraudulent or dishonest practices
- Who Needs It: All public insurance adjusters working in New Jersey
- Regulating Body: The New Jersey Department of Banking and Insurance (NJDOBI)
- Bond Amount: $10,000
- Price: $100 for a 1-year term
If you are working as a public insurance adjuster in New Jersey, you'll need to purchase a surety bond. Read on to learn all about the bonding process.
What Is a New Jersey Public Adjuster Bond?
In New Jersey, all public insurance adjusters must file a $10,000 surety bond with the Department of Banking and Insurance to get a state license.
This holds public adjusters financially liable for complying with state regulations. For example, if an adjuster makes a knowingly false insurance claim, the impacted insurer or client can file a bond claim to recover any losses.
How Much Do Public Adjuster Bonds Cost in New Jersey?
A New Jersey public adjuster bond costs a flat rate of $100 for one year of coverage.
You can also select a multi-year discount at checkout to save money and easily extend your bond term. Click below to buy your bond in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a New Jersey Public Adjuster Bond Work?
A New Jersey public adjuster bond creates a legal contract between these three parties:
| Bond Party | Description |
|---|---|
| Principal | The public adjuster filing the bond |
| Obligee | The New Jersey Department of Banking and Insurance (NJDOBI) |
| Surety | The issuing surety provider |
As the principal, you promise to uphold all provisions of the New Jersey Revised Statutes §§ 17:22B-3 to 17:22B-20.
If you commit any of the prohibited acts, harmed parties can file claims. The surety will validate and pay claims up to the full $10,000 bond amount. However, you are ultimately responsible for refunding the surety.
How Do I Get a Public Adjuster Bond in New Jersey?
With SuretyBonds.com, you can instantly purchase your New Jersey public adjuster bond online 24/7.
Simply provide your name and address. Once we process your payment, you’ll receive your official bond form via email. Be sure to file the bond with the NJDOBI as instructed.
How Fast Can I Get My Bond?
Our online portal makes the bonding process fast and easy. Once you enter your information, you’ll receive your official bond form in just minutes.
If you don’t receive your email within 5–10 minutes of purchase, please check your spam/junk folder.
Can I Get Bonded With Bad Credit?
Yes, this bond doesn’t require a credit check! Anyone can instantly purchase this bond at the same flat rate, regardless of credit score.
How Do I Renew My Public Adjuster Bond?
New Jersey public adjuster license bonds expire annually. To renew your public adjuster license bond, simply pay your renewal invoice when prompted. We’ll begin reminding you by phone and email 90 days before the expiration date.
You don’t need to submit any additional documentation, unless you want to make a change to the information on the bond.
How Do I Update My Bond Information?
If the NJDOBI requires you to update your surety bond for any reason, contact your surety company.
If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. This typically includes updating your name or address to match the information on your license application.
Can I Get My Public Adjuster License As a Non-Resident?
Yes, but New Jersey doesn’t offer reciprocal licensing. You must have an existing license in your home state.
This means you’ll need to file a New Jersey public adjuster bond, even if you are already bonded in your home state.
How to Become a Public Adjuster in New Jersey
All public adjusters in New Jersey must be licensed with the Department of Banking and Insurance. To apply, follow these steps:
- Verify Eligibility: You must be at least 18 years old. Nonresidents need to hold a valid license in their home state.
- Pass an Exam: Register for the PSI public adjuster exam. Pay the $38 exam fee.
- Complete a Background Check: Schedule a Live Scan fingerprinting appointment.
- Purchase a Surety Bond: Purchase the required $10,000 surety bond.
- Apply Online: Upload all supporting materials to the National Insurance Producer Registry (NIPR). You’ll also need to pay the $70 license fee.
Once approved, you can print your license for free.
How Do I Renew My License?
New Jersey public adjuster licenses expire biennially on the last day of your birth month or, for business entities, on May 31.
To renew, you’ll need to complete 15 hours of continuing education and pay the $50 renewal fee. You’ll also need proof of an up-to-date surety bond.
