The Illinois Public Adjuster Bond is required by the Illinois Department of Insurance in the amount of $20,000. The bond states that public adjusters will follow the Public Adjuster’s Regulatory Act, and if they do not, a claim will be placed on the bond.
According to the Illinois Insurance Code, a public adjuster is someone who does the following for compensation on behalf of the insured:
- acts or aids, solely in relation to the first party claims arising under insurance contracts that insure the real or personal property of the insured, on behalf of an insured in adjusting a claim for loss or damage covered by an insurance contract.
- advertises for employment as a public adjuster of insurance claims or solicits business or represents himself or herself to the public as a public adjuster of first party insurance claims for losses or damages arising out of policies of insurance that insure the real or personal property.
- directly or indirectly solicits business, investigates or adjusts losses, or advises an insured about first-party claims for losses or damages arising out of policies of insurance that insure the real or personal property for another person engaged in the business of adjusting losses or damages covered by an insurance policy for the insured.
No person can act as a public adjuster unless given a license by the Illinois Department of Insurance.
How can I get an Illinois Public Adjuster License?
In order to be given a license, the applicant must first make sure that they have passed the Public Adjuster Examination. Take note that you need to pay the examination fee of $103, which already includes the $50 Administrative Fee. Once you are successful in passing the exam, you may submit your Application Form, along with a $250 payment. You will also need to be fingerprinted by an approved Live Scan Fingerprint Vendor. And last but not least, you must submit a surety bond worth $20,000, issued by a surety company in Illinois.
Where can I get my Illinois Public Adjuster Bond?
The process of getting your surety bond begins with the completion of our simple online application. Once you submit that, just wait for one of our agents to give you a call and provide you with a free quote. Then, simply pay the bond premium and sign the paperwork, and we will send you the bond via USPS Priority Mail.
Surety1 was established in 2003. We are located in California, but we issue surety bonds for all 50 states. We also maintain an A+ rating from the Better Business Bureau.