How much will my New York public adjuster or independent insurance adjuster bond cost?
The New York Department of Financial Services requires both public and independent insurance adjusters to obtain a $1,000 surety bond prior to licensing.
SuretyBonds.com issues these bonds instantly for just $100 with no underwriting required! Simply click Buy Now to purchase your bond directly from our site using our secure payment portal. In just a few minutes you can be on your way to being bonded as a public adjuster or independent adjuster in New York.
|Bond Type||Bond Amount||Cost|
|$1,000 New York Insurance Adjuster Bond Public Adjuster||$1,000||$100|
|$1,000 New York Insurance Adjuster Bond Independent Adjuster||$1,000||$100|
Why do I need this bond?
By purchasing an adjuster bond in New York, the principal (public or independent adjuster) is guaranteeing consumers that his or her duties as an adjuster will be performed faithfully and honestly. Because the applicant works directly with the policyholder, there will be no conflict of interest when negotiating on behalf of the policyholder. If the applicant conducts business unethically, such as charging fees on a client’s settlement that were not originally agreed upon in the contract, this bond will protect the client from unnecessary misconduct. The following are examples of prohibited acts:
- Knowingly making any oral or written misrepresentations that are false or maliciously critical to injure any person engaged in the business of insurance
- Not ensuring that all contracts for the adjuster’s services are in writing
- Not remaining in compliance with New York State Department of Financial Services
If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount.
What’s the fine print?
This bond will remain in full force and effect for a period of two years. However, it must also expire on December 31 of even years. If the principal does not remain in compliance with the conditions stated in the bond form, the bond becomes null and void. The signature of a notary public is required to be present on the bond form to acknowledge the agreement between all three parties, meaning the surety, principal and obligee (Department of Financial Services).
How to become a public adjuster or independent adjuster in New York
It is against the law for an individual to solicit, sell or negotiate insurance in New York without being properly licensed by the Department of Financial Services to do so. In order to become a licensed adjuster, applicants must adhere to a strict licensing process:
- Obtain surety bond in amount of $1,000 to cover licensing period
- Completed application form
- Pay required licensing fee
- Original passed score report for examination
- Provide full set of fingerprints
- Submit five certificates of character for each licensee or each sub-licensee
- Provide proof of required filing of a partnership, corporation, LLC or trade name
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