To get and maintain a public adjuster license in North Carolina, the Department of Insurance requires a $20,000 Public Adjuster Bond. The surety bond is enforced to financially protect the public from a public adjuster engaging in fraudulent or unethical actions.
You can purchase your Public Adjuster Bond for as low as $10 with Jet’s exclusive monthly payment plan.
The cost for a Public Adjuster Bond starts as low as $10 each month. One year of coverage can be purchased for $100, with special rates available for multi-year terms. Once your application is complete, you can purchase your bond for the term you need at a guaranteed rate listed below.
Jet is able to offer instant approvals for a Public Adjuster Bond because we cut out the middleman; the rate is not dependent on outside insurance companies approval or waiting times, and there are no commissions or fees added on to pay for brokers or agents.
After you purchase your Public Adjuster Bond, Jet will create and complete the bond form, add the surety seal and signature, and mail the bond to the address indicated on the application. You must sign the bond before submitting it to the Department of Insurance. Once the bond is completed by both parties, you must email the bond to the Department at [email protected].
Yes! With Jet, you can receive a refund for the cancellation of a prepaid term before the bond term has ended. Once you request cancellation with Jet via email or mail, we will send a notice of cancellation to the Department of Insurance the same day. The bond is then kept in effect for another 30 days. Unlike other insurance companies that keep minimum-earned premiums and commissions, Jet provides a prorated refund based only on the time that was used on the bond. Jet will calculate the number of days the bond was in effect (including the 30 days the bond is held for after cancellation was requested) and provide a refund of the remaining amount.
For monthly payment plans, a refund is not applicable since each payment that is received keeps your bond in effect for the approaching month. When you request cancellation, Jet will notify the Department of Insurance the same day. An additional payment may be required to account for the additional 30 days the bond is in effect. After the 30-day period, the bond will be cancelled and payments will be stopped.
A public adjuster can avoid surety bond claims by following the provisions of Chapter 58, Article 33A of the General Statutes. In particular, the Public Adjuster Bond can reimburse any clients that suffered damages from a public adjuster who:
Additionally, public adjusters must comply with the code of conduct indicated in General Statutes 58-33A-80, such as providing counsel to a client in good faith and objectivity to serve the client’s interests in regard to the insurance claim.
If you receive a claim against your Public Adjuster Bond (whether it’s from the Department of Insurance or a client), Jet will work on your behalf to avoid false claims. An investigation will begin, getting information from you and the claimant. During the investigation, you should be responsive and truthful in any communications. Once the investigation is complete, the conclusion will find the claim valid or invalid. In the case of a valid claim, Jet will pay the claimant in the amount of the claim.
Jet’s payment is an extension of your credit to make sure the claimant gets restitution right away, but you are still ultimately responsible for your actions and must pay Jet back in the amount of the claim payout to restore the bond to its full limit. Failure to repay Jet voids the bond and other bond companies are not likely to issue a new bond, putting your license in jeopardy.
The Public Adjuster Bond is required to protect the people of North Carolina from damages by a public adjuster’s fraudulent and dishonest actions. A public adjuster is given the task of assisting an insured person with the preparation, presentation, and settlement of a first party property claim for compensation. The public adjuster must act ethically to assist their clients during a time when the client is vulnerable. The Department of Insurance requires this bond as a way to hold public adjusters accountable for their actions. The Department is also responsible for regulating the rest of the insurance industry.
Applying for a Public Adjuster Bond with Jet can be done in just minutes! A step-by-step application will guide you to add in the necessary information for the bond form. Within minutes, you will complete the application and receive the guaranteed rate to purchase the bond instantly! Once payment is processed, Jet will provide you with a copy of the bond and a receipt.
The Public Adjuster Bond must be maintained and active during the course of the public adjuster license. Jet will send you a mailed and emailed notice for your renewal. Renewing online only takes a minute and will keep your bond current with the Department of Insurance. A mailed notice only takes a minute to fill out but mailing will take a few days before Jet can process it.
If you are enrolled in the monthly payment plan, you do not need to worry about renewals. Each payment that is processed will keep your bond running for another month. As long as payments are made, your bond will stay in effect until cancellation is requested.