All public adjusters operating in Illinois need to purchase an Illinois Public Adjuster Bond. This is a type of surety bond required by the Illinois Department of Insurance (IDOI) and serves as a financial guarantee to the public that the adjuster will conduct their business in an honest and ethical manner. The bond also protects policyholders from financial losses if the adjuster commits fraud or fails to perform their contractual obligations.
The bond amount is $50,000 and must be maintained for the duration of the adjuster’s license. The cost of the bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms
How to Get a Illinois Public Adjuster Bond
Secure Online Application
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Illinois Public Adjuster Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
Here are some examples of public adjusters who need to purchase an Illinois Public Adjuster Bond:
- Individuals or businesses that are paid to negotiate insurance claims on behalf of policyholders
- Individuals or businesses that manage insurance claims for policyholders
- Individuals or businesses that assist policyholders with the insurance claims process
Any person or entity that negotiates or manages insurance claims on behalf of policyholders in Illinois, whether they are paid or not, is required to purchase a Public Adjuster Bond.
How can I get an Illinois Public Adjuster License?
o get an Illinois Public Adjuster License, you must follow these steps:
- Complete and submit the Public Adjuster Application. The application can be downloaded from the Illinois Department of Insurance (IDOI) website.
- Pay the required application fee of $250.
- Pass the Illinois Public Adjuster Examination. The exam is administered by Pearson VUE.
- Purchase an Illinois Public Adjuster Bond in the amount of $20,000 from a licensed surety company.
- Submit a copy of your Public Adjuster Bond to the IDOI.
Once you have submitted all of the required information and paid the required fees, the IDOI will process your application and issue you a public adjuster license.
Here are some additional tips for getting an Illinois Public Adjuster License:
- Make sure that you meet all of the eligibility requirements. You must be at least 18 years old, have a high school diploma or equivalent, and have a good moral character.
- Be prepared to provide all of the required documentation, including transcripts from any college or university courses you have taken, proof of your employment history, and references from previous employers.
- Be patient. The application process can take several weeks.
Once you have obtained your public adjuster license in Illinois, you will be authorized to represent policyholders in insurance claims. You must renew your license every two years.
If you have any questions about the licensing process, you can contact the IDOI at 312-814-2595.