How much does a $10,000 New Mexico public insurance adjuster bond cost?
A $10,000 New Mexico public adjuster bond costs $100 per year and is issued online instantly. A 25% discount is also available for adjusters who purchase their bonds for multiple year terms. Visit our secure bond checkout to purchase your surety bond and be on your way to getting licensed as a public adjuster in just a few minutes.
If you are a New Mexico independent adjuster, you can buy your $10,000 independent adjuster bond here.
|Bond Type||Bond Amount||Cost|
|$10,000 Public Adjuster Bond||$10,000||$100|
Why are public adjusters bonded?
The New Mexico Insurance Producer Licensing Bureau is the obligee who requires public insurance adjusters to get a $10,000 surety bond before they can be licensed. By providing a bond in favor of the obligee, public adjusters are pledging to abide by all provisions contained in the New Mexico Insurance Code—especially Section 59A-13.
If the adjuster fails to adhere to all pertinent rules and regulations contained in the Code, a claim may be made against the adjuster’s bond. When the obligee makes a legitimate claim against an adjuster’s bond, they will be reimbursed for damages up to the full amount of the bond. So, a valid claim against a New Mexico public adjuster’s bond could be as high as $10,000. Once a claim has been made against an adjuster’s bond, it may be difficult for them to get a bond in the future, meaning they could risk losing their license. Therefore it is important for adjusters to be familiar with and adhere to New Mexico’s Insurance Code.
What’s the fine print?
Along with the name of the applicant, New Mexico requires applicants to provide their National Producer Number (NPN), residential address, and business address when purchasing their surety bond. These bonds are continuous until canceled, meaning no new documentation is needed when the bond is renewed. Adjusters must renew their bond annually for as long as they wish to keep their license active. The surety may cancel the bond at any point during the term by submitting written notice of cancellation to the Bureau at least 30 days prior to the cancellation’s effective date.
Getting a New Mexico public adjuster license
To be considered for a New Mexico public insurance adjuster license, applicants must be at least 18 years old and a New Mexico resident. Applicants must also submit a completed application and licensing fee to the Bureau and achieve a passing score on an examination testing the applicant’s knowledge of adjuster responsibilities and New Mexico insurance laws.
Ready to get bonded?