Public adjusters are required by the Tennessee Department of Commerce and Insurance to acquire an official license and a $50,000 Public Adjuster Bond before the performance of insurance services may begin within the state.
Jet Insurance Company provides the Public Adjuster Bond to act as a form of financial protection to the Department, as well as policyholders of the licensee. Should negligent, unethical, or fraudulent behavior be displayed by the public adjuster, the surety bond may be used as a form of restitution by any party that has suffered from monetary damages.
Purchase the Public Adjuster Bond for as little as $25 a month!
At Jet, the cost of the Public Adjuster Bond is a small fraction of the $50,000 limit and is based on a soft credit check of the applicant. In most cases, the bond is available for purchase at $250 for a one-year bond term or simply $25 a month.
In addition, Jet offers multi-year payment plans. For further details, check out the price chart below.
According to the Department of Commerce and Insurance, public adjuster licenses must be renewed after a period of two years. With this in mind, Jet provides the Public Insurance Bond to all applicants at a convenient two-year bond term.
The Tennessee Department of Commerce and Insurance, Insurance Division is entrusted with managing the insurance industry and protecting consumers from dishonest and/or fraudulent business practices. In order to ensure that the insurance marketplace within the state is safe and viable, the Department holds individuals and corporations accountable for their actions through tools such as licensing processes, mandated regulations, and surety bonds.
The purpose of the Public Adjuster Bond is to provide a financial guarantee to the Department that funds will be available to any damaged party should the public adjuster commit a license violation. For instance, a public adjuster failing to distribute insurance claim funds to a policyholder within the required timeline is a license offense and subject to a bond claim in cases where the problem remains unresolved due to fraudulent behavior. If the license violation is deemed by the Department as cause for a bond claim, funds from the Public Adjuster Bond will be used to recompense the harmed claimant for the financial losses incurred.
Applying with Jet is quick and easy! To begin, some general information such as your contact details and social security number for a soft credit check. No need to worry—this process won't impact your score. As soon as the application has been officially submitted, a Jet underwriter will provide you with an approved rate that is available for instant purchase.
Once you have purchased a Public Insurance Adjuster Bond with Jet, a copy of your receipt and bond form will be sent to the email on file. Submitting your bond for official filing with the Department of Commerce and Insurance will be your next step. Read below for further details on how Jet can help you with this process.
Yes, the Jet team can file a copy of your bond for you at no extra cost! All we need is for you to provide us with your National Producer Number (NPN) and National Insurance Producer Registry (NIPR) Tax ID, and we’ll take care of the rest. However, if you would like to file the bond yourself, the option to do so may be selected at check out.
A copy of the signed Public Adjuster Bond, along with the completed documents listed in the Public Adjuster License Application Packet, must be submitted to the Tennessee Department of Commerce and Insurance, Insurance Division-Agent Licensing either by email to [email protected] or the following mailing address:
Tennessee Department of Commerce and Insurance
Insurance Division-Agent Licensing
500 James Robertson Parkway
Nashville, TN 37243
No other surety bonds are required, however, the Tennessee Department of Commerce and Insurance mandates that all public adjusters maintain a $500,000 Errors and Omissions Policy throughout the term of their license. Proof of this policy is to be filed with all other public adjuster licensing paperwork.