The California Insurance Adjuster Surety Bond is required by the California Department of Insurance.
The California Insurance Adjuster Surety Bond is a bond licensed insurance adjusters must have in order to do business. Per the California Department of Insurance, the amount of the California Insurance Adjuster Surety Bond must be $2,000. It exists so that anyone injured by the willful, malicious, or wrongful act of the bond holder may make a claim on this bond in her or his own name. He or she can do this to recover damages suffered by reason of such willful, malicious, or wrongful conduct.
This bond is needed in the application process for an Insurance Adjuster License. Both individuals and business entities must have this bond on file. If the applicant is a business entity, the business entity must be named as the principal to the bond. This bond does not take the place of insurance, nor is it the license itself. This bond exists simply to protect the public from willful, malicious, or wrongful conduct.