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Illinois Public Adjuster Bonds Explained
Public adjusters in Illinois have to get a license before launching operations in the state. This involves providing a public adjuster bond as one of the main requirements.
The goal of the bonding is to safeguard the interests of your customers and the state. It provides an extra guarantee that you will follow the law in your work as a public adjuster.
Your bond represents a three-party contract, with your business being the principal. The obligee is the Illinois Department of Insurance that determines the licensing criteria. The surety is the third entity, which supplies you with the bond.
Questions about Public Adjuster Bond in Illinois
Who has to post this bond?
All entities who apply for an Illinois public adjuster license have to provide a $20,000 surety bond, which is continuous until canceled. The bond guarantees your compliance with relevant Illinois Compiled Statutes, Insurance Laws, and the Insurance Code. The licensing body in the state is the Department of Insurance, which sets the criteria you have to satisfy for your licensing.
How much do I have to pay to get bonded?
Illinois public adjusters have to provide a $20,000 surety bond. This is the bond amount required by law, but you only have to pay a bond premium. It represents a small percentage of the amount and is set on the basis of your personal and business finances.
Your surety has to examine your personal credit score, company finances, and fixed and liquid assets in order to assess the bonding risk involved. The surety bond cost that you will get will depend on these factors. The premium is lower when your overall profile is stable.
| Illinois Public Adjuster Bond Cost Based on Credit Score | |||||
|---|---|---|---|---|---|
| Surety bond name | Surety bond amount | Above 700 | Between 650-699 | Between 600-649 | Below 599 |
| Public adjuster bond | $20,000 | $100-$250 | $150-$300 | $400-$1,000 | $1,000-$2,000 |
Can I get this bond with bad credit?
With Lance Surety Bonds, you can get bonded even if your finances are not stellar. We are running our Bad Credit Surety Bonds program for applicants with low credit scores, tax liens, bankruptcies, and civil judgments.
As the bonding risk is higher, the rates are usually between 5% to 10%. Nevertheless, you are guaranteed a top bonding option with us. This is possible due to our close partnerships with numerous A-rated, T-listed surety companies.
How do I apply for my bond?
You can launch your bonding process by completing our online application form (it takes 5min). Then you need to provide us with your full set of paperwork, so that we can determine an exact quote. You can purchase your bond online and will receive a digital and a paper version of it.
Need more information on how bonding works? Don't hesitate to consult our detailed How to Get Bonded page.
For more questions, or if you need assistance with your application, you can contact us at (877) 514-5146.
What if I get a bond claim?
If you fail to follow your legal obligations as a public adjuster in Illinois, you can receive a claim against your bond. This is the mechanism through which a party who has suffered damages can demand fair compensation.
The claim is researched and if proven, you have to reimburse the claimant with a sum up to the bond amount of $20,000. While your surety may take care of the costs initially, you need to repay it fully. This is set in the bond indemnity language. Thus, claims can be expensive and harmful for your business, so it is best to avoid them.
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Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
