North Carolina Public Adjuster Insurance Bonds
North Carolina Public Adjuster Insurance Bond Information
A Public Adjuster Insurance Bond is required by the North Carolina Department of Insurance for those applying to the Commissioner of Insurance for a license to act as a public adjuster in accordance with the provisions of G. S. 58-33A-50. The corporate surety bond is in favor of the State of North Carolina for the use of aggrieved parties who are financially damaged by the public adjusters violations of provisions of state laws, erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices in the role of a public adjuster. This bond is continuous and remains in force during all license periods until the the bond is canceled by the surety company upon 30 days advance written notice to the Commissioner and the licensee.
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Getting Your North Carolina Business License or Registration
Non-Resident North Carolina Public Adjusters are required to submit a complete application, show proof of financial responsibility by furnishing a $20,000 surety bond or an irrevocable letter of credit and pay license fees to secure the license in the state. Non-Resident Pubic Adjusters designating North Carolina as their home state for licensing purposes must meet the resident licensing qualifications outlined below.
North Carolina Resident Individual Public Adjusters must take and successfully pass the state examination, show proof of financial responsibility by posting a $20,000 bond or an irrevocable letter of credit, electronically submit a complete set of the fingerprints for a state and federal criminal history background check. Residents applicants must also meet the qualifications set forth in NCGS 58-33A-20 and NCGS 58-33A-45.
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The state of North Carolina uses the NAIC Public Adjuster Licensing Model Act and requires both individuals and business entities that serve as a public adjuster in the state obtain a license pursuant to N.C. General Statute 58-33A-10. 2.
In North Carolina, "Public adjuster" is defined as:
"insurance adjusters who do not work for any insurance company. They work for the insured to assist in the preparation, presentation, and settlement of the claim. The insured hires them by signing a contract agreeing to pay them a fee or commission based on a percentage of the settlement or other method of compensation. Additionally, NCGS 58-33A-5 defines a “Public adjuster” as any person who, for compensation or any other thing of value on behalf of the insured:
(1) Acts or aids, solely in relation to first party claims arising under insurance contracts that insure the real or personal property of the insured, on behalf of an insured in negotiating for, or effecting the settlement of, a claim for loss or damage covered by an insurance contract;
(2) Advertises for employment as an public adjuster of insurance claims or solicits business or represents himself or herself to the public as a public adjuster of first party insurance claims for losses or damages arising out of policies of insurance that insure real or personal property; or
(3) Directly or indirectly solicits business, investigates or adjusts losses, or advises an insured about first party claims for losses or damages arising out of policies of insurance that insure real or personal property for another person engaged in the business of adjusting losses or damages covered by an insurance policy, for the insured."