How much does a $10,000 public adjuster surety bond cost in New Jersey?
A $10,000 public adjuster surety bond in New Jersey costs $100 and is issued instantly. Simply click Buy Now to purchase your bond using our secure bond checkout. In just a few minutes you can be on your way to being bonded as a public adjuster in New Jersey.
|Bond Type||Bond Amount||Cost|
|$10,000 Public Adjuster Bond||$10,000||$100|
Why are public adjusters required to be bonded?
Public adjusters in New Jersey must submit a surety bond in the amount of $10,000 to the New Jersey Department of Banking and Insurance as a condition of receiving a license.
New Jersey public adjuster bonds ensure that principals (public adjusters) abide by the provisions stated in the N.J.S.A. 17:22B-1 et seq. Under this bond, principals are required to perform all tasks as promised in their contracts and pay all taxes and fees owed to the state. If a principal violates the terms of the bond agreement and a consumer is harmed, the surety will cover all damages up to the full bond amount. The principal must then compensate the surety for any financial loss.
How long does a public adjuster bond last?
New Jersey public adjuster bonds are required by the Commissioner of Banking and Insurance and are continuous until canceled, meaning adjusters must renew them for as long as they wish to keep his or her license active. If the surety wishes to cancel this bond for any reason, 30 days’ written notice must be given to the state prior to the termination date.
How to become a public adjuster in New Jersey
Public adjusters in New Jersey must provide the following documentation before they can receive a public adjuster license.
- Complete electronic fingerprinting process
- Provide exam score report
- Furnish two passport-sized photographs
- Obtain a $10,000 public adjuster surety bond
- Pay $70 fee ($50 licensing fee; $20 processing fee), which can be done online
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