Public insurance adjusters are required by the Ohio Department of Insurance (ODI) to have a certificate of authority and surety bond to do business in the state. Jet provides the bond to the public adjuster as financial protection for both Ohio’s citizens and the ODI if the adjuster fails to complete duties according to the laws and regulations.
It doesn’t matter if you are new to the public adjuster game or renewing your certificate of authority, Jet’s streamlined application process will get you a bond within minutes!
With Jet, you pay $100 for one year—that’s it! Once you apply and provide payment, the bond is immediately available and ready to file with the ODI. Refer to the chart below for all payment options.
Just because your certificate of authority must be renewed annually, the bond doesn’t need to be if you choose Jet’s multi-year or monthly option. The multi-year options allow you to have more time in between payments and save money down the road. The monthly option requires no renewal process as long as payments are continually received by Jet!
The Department of Insurance is tasked with protecting Ohio’s citizens by overseeing the licensing of agents in the State of Ohio, public adjusters included, and ensuring they are in compliance with the regulations. A public insurance adjuster can be an individual agent or a business entity.
Public insurance adjusters have the critical job of working with an insurer or insured in the negotiation or settlement of a claim for loss or damage under an insurance policy covering real or personal property. Public adjusters are also categorized as individuals or businesses that solicit business or advertise as an adjuster of insurance claims. Lastly, public adjusters are those compensated to investigate, adjust, settle, advise, or assist an insured or insurer in claims handling of losses on behalf of any public insurance adjuster.
Due to the importance of a public adjuster’s obligations, the Department of Insurance mandates they hold a surety bond as an additional form of security, ensuring there are funds available should financial loss occur due to an adjuster’s actions.
Don’t waste your time filling out lengthy applications that ask for unnecessary information. Jet’s online bond process is as simple as it gets, and the bond is ready to file within minutes:
Once Jet receives payment, the bond is filed to the Ohio Department of Insurance along with the Power of Attorney.
Yes! Let us take care of filing the Public Insurance Adjuster Bond for you. As soon as you make the payment we will send the completed original bond form to the ODI, free of charge. Of course, you always have the option to file the bond yourself—you can choose this option when making payment.
The bond and any other paperwork must be sent to the address below:
State of Ohio Department of Insurance, Licensing Division
50 W Town Street, 3rd Floor, Suite 300
Columbus, OH 43215
Jet does allow you to cancel at any time, but it’s important that you file a new bond with the Department of Insurance unless you no longer need the certificate of authority. Failure to uphold the bond requirement can result in suspension or revocation of the certificate of authority.
When you are ready to cancel, just put your request in an email to firstname.lastname@example.org. We will notify the ODI immediately, where the bond is kept active for 60 days upon receipt of the notice. During those 60 days, a claim can be filed on the bond, so that time must be taken into account for any potential refunds. There are no refunds available for those paying monthly, but the payments will stop when the 60 days have ended. One year bonds purchased for $100 will have no refund available as the first year is fully earned. However, if you purchase a multi-year bond and cancel early, you may be able to receive a partial refund.
If you purchase a one-year or multi-year bond, Jet will send you an invoice via email and mail providing ample time to make payment for the renewal term. Either send in payment with the mailed invoice or click the link in the email and pay directly online. As long as payment is received by the bond’s renewal date, the bond will stay on file and active with the Ohio Department of Insurance. Failure to remit payment on time will result in Jet requesting cancellation with the ODI.
If you pay monthly, there is no renewal process. So long as Jet receives payments the bond will remain active. If you wish to change the card on file for your monthly payments just send us an email to email@example.com or call us at 855-296-2663.
Avoiding bond claims is simple—just follow the Ohio Revised Code Chapter 3951 and the Ohio Administrative Code Section 2901-1-24. Here are a few examples of non-compliance, which could result in a claim:
These are among various other violations that can lead to penalties including certificate of authority revocation, fines, and a bond claim.
The Ohio Department of Insurance may take action only after scheduling a hearing, according to Section 3951.07 of the Revised Code. Should you fail or neglect to comply with the Code, the ODI gives you a chance to explain your actions and provide any necessary recompense.
Even though the ODI has requested a claim payout at this point, it is Jet’s duty to investigate and make sure it isn’t paid for unless it’s a legitimate claim. Once the proof of loss is filed, we have 21 days to accept or deny the claim. Any valid claims will be paid to the claimant, with the full intention that you, the public adjuster, will pay Jet back. This is because the bond is an extension of credit and only pays out when you have committed fraud or negligence leading to financial harm. Failure to restore the bond to its full capacity by reimbursing Jet will result in hardships in obtaining a bond and certificate of authority in the future