The Illinois Department of Insurance requires public adjusters (individuals and business entities) to obtain a license and surety bond before any insurance services may be performed.
Jet Insurance Company provides the $20,000 Public Adjuster Bond (formally titled a Public Adjuster/Public Adjuster Business Entity Bond) to act as a form of financial protection to the Department themselves, as well as local residents in cases where the public adjuster commits a license violation.
Purchase the Public Adjuster Bond for the starting price of $8 a month!
At Jet, prices for the $20,000 Public Adjuster Bond are a small percentage of the bond’s limit and are based on a soft credit check of the applicant (this process won’t affect your score). For instance, the bond may be purchased at $80 for a one-year bond term or a convenient $8 a month.
Our team also offers multi-year payment plans. Take a look at the price chart below for further details.
The Public Adjuster Bond must be renewed annually, however, if you choose a monthly plan or one of our multi-year bond terms, you won’t have to worry about renewing your bond each year and can simply focus on running your business. The choice is yours!
The Illinois Department of Insurance is responsible for managing the insurance industry. Such duties include overseeing licensing, enforcing regulations, protecting and assisting consumers, and cultivating a successful insurance marketplace.
The enforcement of the Public Adjuster Bond is one of the tools the Department uses to ensure that all of the above goals are met. As a licensed public adjuster (individual and/or business entity), you are tasked with assisting policyholders through what can be a complicated and vulnerable claim process. If the public adjuster was to take advantage of their position and commit a license violation (e.g. negligence, breach of contract, unethical conduct, and/or fraud), the Public Adjuster Bond would be available to the damaged party as a means of restitution for any financial losses incurred. The bond simply ensures that customers will receive financial protection if needed.
At Jet, we only require your contact details, Federal Employer Identification Number or IRS Tax ID (either one is required to be listed on the physical bond form), social security number for a soft credit check, and payment information to be submitted. Once your purchase has been completed with Jet, a copy of your receipt and the bond form will be instantly sent to the email on file. Your next step will be to submit your bond to the Department of Insurance for filing—read below for details on how the Jet team can assist in this process.
Yes, the Jet team can file your bond for you at no extra charge! Of course, you can always take care of this step yourself, too—the option to do so may be selected at check out.
A copy of the signed and sealed Public Adjuster Bond form, along with any other required paperwork, must be submitted to the Illinois Department of Insurance at the following mailing address:
Illinois Department of Insurance
Deputy Director of Insurance
320 West Washington Street
Springfield, IL 62767
Initial and renewal license applications, as well as other required documents, can be found on the Department’s Licensed Illinois Public Adjuster webpage.
The Illinois Department of Insurance requires no other surety bonds, however, all licensed public adjusters (individuals and business entities) must use a customer contract that the Department has approved prior to the performance of any business transactions.
View the Department’s Public Adjuster Contract Template and Public Adjuster Contract Checklist for further details. If you have any questions the Department may also be able to assist you ([email protected]).