Virginia Public Adjuster Bond Overview
- Purpose: To hold public adjusters financially liable for fraudulent or dishonest practices
- Who Needs It: All public adjusters working in Virginia
- Regulating Body: The Virginia State Corporation Commission (SCC); Bureau of Insurance
- Bond Amount: $50,000
- Price: $500 for a 1-year term
All Virginia public adjusters need a surety bond for state licensing. Read on to learn more about this requirement and how to get one.
What Is a Virginia Public Adjuster Bond?
If you’re applying for a public adjuster license in Virginia, the State Corporation Commission’s Bureau of Insurance requires a $50,000 surety bond.
A public adjuster bond provides crucial protection for both the state and your clients. If you commit any fraudulent or deceptive acts, harmed parties can file bond claims to recover financial losses.
How Much Do Public Adjuster Bonds Cost in Virginia?
Virginia public adjuster bonds cost a flat rate of $500 annually.
You can also select a multi-year term discount at checkout to save 25% and time on renewals. Click below to buy your bond instantly.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Virginia Public Adjuster Bond Work?
A Virginia public adjuster bond creates a legal contract between these three parties.
| Bond Party | Description |
|---|---|
| Principal | The public adjuster purchasing the bond |
| Obligee | The Virginia SCC requiring the bond |
| Surety | The issuing surety provider |
By filing this bond, you agree to uphold the Virginia standards of conduct for public adjusters. Breaking these terms could result in bond claims.
While the surety will cover valid claims up to the full $50,000 bond amount, you will ultimately need to refund the surety.
The Virginia State Corporation Commission requires this bond for public insurance adjuster licensing. If you work as an insurance adjuster in states other than Virginia, we also offer insurance adjuster bonds nationwide.
How Do I Get a Public Adjuster Bond in Virginia?
With SuretyBonds.com, you can purchase your Virginia public adjuster bond online 24/7.
Simply enter your name, address and payment method into our secure online portal. We’ll then email your bond directly to you. Be sure to file the bond form with the SCC as instructed.
How Fast Can I Get My Bond?
This bond is available for instant purchase, meaning you don’t need to wait for a credit review. Once we process your payment, you’ll receive your official bond form in just minutes.
Can I Get Bonded With Bad Credit?
Yes, this bond doesn’t require a credit check. Instead of completing a financial application, you only need to provide basic information to complete your purchase.
How Do I Renew My Public Adjuster Bond?
Virginia public adjuster bonds expire annually. We’ll start reminding you by phone and email 90 days before the expiration date.
To extend your bond for another year, simply pay the attached invoice.
Can I Update My Bond Form?
Yes, you can typically make small changes to your bond form, such as name or address, through a bond rider document. Significant changes may require a new bond form.
If you purchased your bond from us, email [email protected] explaining the needed change.
What If I’m Already Licensed in Another State?
If you’re a nonresident applying for a Virginia public adjuster license, you’re exempt from the exam and fingerprinting requirements.
However, you still need to purchase and file a Virginia public adjuster bond, even if you’re already bonded in your home state.
How to Become a Public Adjuster in Virginia
To become a public adjuster in Virginia, complete these three steps:
- Pass an Exam: Register for the public adjuster exam through Prometric and pay the $35 fee.
- Buy a Bond: Purchase the required $50,000 surety bond.
- Apply Online: Complete the application via Sircon or NIPR and pay the $15 fee. Business entities must list a Designated Licensed Producer (DLP).
- Submit Fingerprints: Schedule a fingerprinting session through Fieldprint and pay the $34.95 fee.
You can track the status of your application on License Search. It may take up to 15 days to process.
Nonresidents are exempt from the exam and fingerprinting requirements. However, you still need to hold a valid license in your home state.
How to Renew Your License
Virginia public adjuster licenses expire at the end of your birth month in odd or even years, based on whether your birth year was odd or even.
You must complete 24 hours of approved continuing education. Nonresidents only need to complete continuing education in their home state.
How Much Do Public Adjusters Make in Virginia?
In Virginia, public adjusters make an average of $60,000–$70,000 per year, according to ZipRecruiter.
Public adjusters typically work based on a contingency fee, which is a percentage of the insurance payout. This means that income can vary greatly based on experience and claims volume. For example, adjusters who handle large property or catastrophic claims can make up to $200,000 a year.
