Who needs a public insurance adjuster bond in Ohio?
The Ohio Department of Insurance requires all public insurance adjusters and public insurance adjuster agents to get a license to operate in the state. Part of the licensing process involves getting a public insurance adjuster surety bond.
The Ohio Department of Insurance defines an adjuster as any person or company that acts on behalf of another party in negotiating for the settlement of a claim under an insurance policy covering real or personal property.
How does an Ohio public insurance adjuster bond work?
The public adjuster surety bond protects the adjuster’s clients against fraudulent or dishonest practices. When a public insurance adjuster purchases a surety bond, they become accountable to the parties they represent according to the rules outlined in section 3901-1-24 of the Ohio Administrative Code.
If the public adjuster violates the regulations, causing harm to another party, that party can seek compensation from the surety company up to the total bond amount. If the surety pays out any damages to harmed parties, the public adjuster must reimburse the surety company.
Public insurance adjuster bonds remain valid until canceled or when a claim is made against the bond. The surety has the right to cancel the bond at any time.
How much does an Ohio public adjuster bond cost?
Ohio public insurance adjuster bonds have a required amount of $1,000. You are responsible for paying a small percentage of the total value as a premium. At EZ Surety Bonds, we offer premiums as low as $100 for Ohio public adjuster bonds.
Ohio public insurance adjuster license requirements
The $1,000 surety bond is just one of the requirements needed to operate as an independent adjuster in the State of Ohio. To obtain a public insurance adjuster license, you must also complete the following:
- Complete the license application process
- Pay a $100 licensing fee for public insurance adjusters or a $50 licensing fee for public insurance adjuster agents
- Provide a copy of the contract form that will be used when working with clients
The obligee is the entity that requires you to get an Ohio public Insurance adjuster bond.
Ohio Department of Insurance
50 W. Town Street, 3rd Floor, Suite 300
Columbus, OH 43215
Get bonded with EZ Surety Bonds
EZ Surety Bonds makes getting your Ohio public insurance adjuster bond quick and simple. You can apply online and have your bond issued instantly. The bond starts at $100 plus shipping costs and fees. Fill out the form to get your bond today.