What Is an Idaho Public Adjuster Bond?
The Idaho Department of Insurance requires all public adjusters operating in the state to get licensed. Among the main licensing requirements is posting a public adjuster bond.
The required surety bond is a security instrument whose purpose is to safeguard the interests of your customers and the state. In case you transgress from your legal obligations, it can be used to provide a reimbursement for any damages caused by your fraudulent or unethical activities.
Your Idaho surety bond is a contract between three parties. The principal is your public adjuster business. The Department of Insurance is the obligee to which you have to present the bond. The third entity is the surety, which backs your company.
Frequently Asked Questions
When is this bond required?
The Idaho Department of Insurance imposes a $20,000 surety bond on all entities that want to get an Idaho public adjuster license. You have to provide it in the official bond form. The purpose of the bond is to ensure your compliance with Chapter 58 of the Idaho Statutes, as well as any other applicable laws.
What is the Idaho public adjuster bond cost?
Public adjusters in Idaho need to provide a $20,000 surety bond as a part of the licensing process. However, your actual surety bond cost is only a percentage of this amount, which is called the bond premium. The more stable your finances are, the smaller this percentage will be. The typical rates are between 1% and 5% for applicants with solid finances.
When you apply with a surety, it has to examine your personal credit score, business finances, liquidity, assets, and even business experience. By considering these factors, it can assess the level of risk that is involved with bonding you. The lower the perceived risk is, the smaller your bond cost is likely to be.
|Surety bond name||Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Idaho public adjuster bond||$20,000||$150-$300||$200-$500||$500-$1,000||$1,000-$2,000|
Can I get bonded if my finances are problematic?
With Lance Surety Bonds you can get the bond you need even if you have a low credit score, tax liens, bankruptcies, or civil judgements. We have created our Bad Credit Surety Bonds program to help applicants with problematic finances get bonded.
As the bonding risk is higher, the rates for bad credit bonds are about 5%-10%. Still, we will find the most appropriate bond option for your particular needs. We are able to do this because of our excellent partnerships with numerous A-rated, T-listed surety companies.
How do I apply for my bond?
Want to learn more about the way bonding functions? You can consult our detailed How to Get Bonded page for a full overview.
Don’t hesitate to reach us at (877) 514-5146 if you need further help. We're here to answer your questions and assist you with your bond application
What if I get a claim against my Idaho public adjuster bond?
The purpose of your bond is to protect your customers from illegal actions on your side, such as charging fees that have not been agreed in advance or misrepresenting legal information. If you engage in such activities, you may end up with a bond claim brought by a harmed party.
The maximum compensation that claimants can seek is your bond amount, which is $20,000. On proven cases, your surety can step in to pay the reimbursement. Then you have to repay it fully. This means that bond claims are to be avoided as much as possible since they can cause serious financial issues for your business.