Louisiana Public Adjuster Bonds Explained
As per the requirements of the Louisiana Department of Insurance, public adjusters are required to obtain this a public adjuster bond before they can legally operate in the state.
Like other types of surety bonds, Louisiana public adjuster bonds are an agreement between three parties, in this case:
- The Louisiana Department of Insurance (obligee)
- The public adjuster (principal)
- A surety bonds company (surety)
The obligee is the part that requires the bond, the principal is the side which furnishes the bond and the surety is the backer of the bond. In case of unlawful actions, the surety and the public adjuster have a joint responsibility to reimburse the affected party for any losses incurred due to those actions.
Continue reading for more useful information on getting bonded as a public adjuster in Louisiana. Check out our dedicated page if you want to learn more about other types of surety bonds in Louisiana.
For any questions you may have, we’d be happy to help. Simply call us at (877)-514-5146.
Questions about Public Adjuster Bond in Louisiana
What’s the cost of getting bonded as a public adjuster in Louisiana?
The total required amount for this bond is $50,000. Which means that a claim (or claims) cannot exceed that amount.
To get bonded, public adjusters pay an annual premium, which is determined after an analysis of the strength of their finances and the items in their credit report. However, there is one factor which carries the most weight: the personal credit score of the applicant.
Those with stellar credit may pay as little as 1%, while those with a low score can see their premium go as high as 10% per year. The table below contains an estimated breakdown of costs based on your credit score.
|Bond Type||Surety Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Louisiana Public Adjuster Bond||$50,000||$375-$750||$500-$1,500||$1,250-$2,500||$2,500-$5,000|
Keep in mind that these are estimations, and each application is considered differently. Factors such as your financial statements, the size of your business, and even your business’s age can also be considered.
You can find out more on our “What Does a Surety Bond Cost?” page.
Can I get bonded with bad credit?
Lance Surety Bonds offers a bad credit surety bonds program through which 99% of applicants can get bonded regardless of their credit issues.
Surety bond companies consider bond applications with a low score as high-risk which is why they try to minimize the risk by charging higher premiums. However, working on improving your credit score and financials can significantly improve your premiums over time. Moreover, our experts will help you with personalized advice on how you can build a stronger application.
For any questions related to getting bonded with bad credit, you can always call us at (877)-514-5146.
What do I need to do to apply for a Louisiana public adjuster bond?
We have a simple and quick-to-complete online application. All you have to do is take five minutes to answer a few questions about your business and then submit it.
Our agents will take care of the rest. We will contact you with a free no-obligations quote and let you know what additional steps you need to go through. We have all bond forms on file and will do most of the paperwork for you.
After completing your application we’ll do our best to get your bond signed and delivered to you in one or two business days.
How do I get a Louisiana public adjuster license?
There are a few steps you need to complete before getting your licensed. Here are some of them:
- Submit an application on the website of the National Insurance Producer Registry
- Schedule your exam with the PSI (wait at least one day after submitting your application)
- Successfully pass your exam
- Give fingerprints
- Submit your signed bond form to the Louisiana Department of Insurance
Use this only as a rough guide. Always check your licensing requirements in advance, as they can be subject to change.