How much does an independent adjuster bond cost in New Mexico?
The New Mexico Office of the Superintendent, Insurance Producer Licensing Bureau requires the state’s independent insurance adjusters to post a $10,000 surety bond before they can be licensed.
SuretyBonds.com can instantly issue this bond for just $100! Simply click Buy Now below to visit our secure bond checkout to purchase your bond online today. In just a few minutes you can be on your way to being bonded as an Independent Insurance Adjuster in New Mexico.
|Bond Type||Bond Amount||Cost|
|$10,000 Independent Adjuster Bond||$10,000||$100|
Why do I need this bond?
This bond ensures that the principal (licensee) complies with New Mexico Insurance Code provisions that pertain to insurance adjusters. If a principal fails to follow the rules and regulations of this code and consumers are harmed, a claim can be made against the bond. The bond can provide reparation for damages if the licensee is found guilty of law violations or unfair practices while working as a licensed independent adjuster.
What’s the fine print?
The licensee’s social security number and place of residence must be listed on the bond form. These bonds are continuous until canceled and must be renewed annually. If the bond is to be canceled, the surety must submit a cancellation notice to the Agent Licensing Bureau at least 30 days prior to the cancellation date.
How to become an independent adjuster in New Mexico
To be licensed as an independent adjuster in New Mexico, applicants must meet all requirements established by the Office of the Superintendent:
- Minimum 18 years old
- Resident of New Mexico
- Completed license application
- submit $10,000 surety bond
- Pay $30 license fee
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