Public insurance adjusters often need to post a public adjuster bond, so that they can get their public adjuster license. As they need to faithfully represent the interests of their clients, it is of utmost importance that adjusters act in line with the law. Getting bonded is a guarantee of their high professional standards.

In essence, a public adjuster is hired by a policyholder for negotiating an insurance claim. Besides an attorney, and the original insurance broker, a public adjuster is the only other party that can legally represent a claimant in such cases.

Your bond price is a percentage of the total bond amount, and is set based on your credit score and finances.

The bond amount that you are asked to post is different from your bond premium. Thus, you don’t need to pay the whole amount, but only a percentage of it. For example, in cases where the applicant has good credit, they’ll typically need to pay between 1% and 3% of the bond amount. So for a $20,000 bond, this means your premium is likely to be in the range of $200-$600.

How is your bond premium decided? When you apply with your surety, it needs to take a close look at your financial situation. Your personal credit score is of utmost importance, but your business finances, assets and liquidity, as well as your experience in the industry are also factors. Your bond premium will be lower if your overall finances are strong. This means you pose a lower risk as a bond applicant.

Our surety bond cost guide can give you a thorough overview of how your public adjuster bond price is determined.

Struggling with problematic finances is tough. Here at Lance Surety Bonds, we know how difficult it can be to get bonded with bad credit. That’s why we operate our Bad Credit Surety Bonds program. It’s here to help public adjusters with low credit scores, tax liens, bankruptcies, or civil judgements to get the public adjuster bond they need for their insurance adjuster license.

Bad credit bonding premiums are typically in the range of 4%-7.5%. The higher price compensates for the increased risk to the surety provider. Still, we guarantee you top bonding rates, whatever your credit score is. Because of our excellent relationships with numerous A-rated, T-listed surety companies, we can shop around for a bond to match your exact circumstances.

You can start the process of obtaining your public adjuster bond with Lance Surety Bonds today. Apply online by using the application form and attach all needed documents. Your free, no-obligations bond quote will be sent to you in no time.

Need more information about how bonding works? Make sure to check out our How to Get Bonded page.

Call us at (877) 514-5146 for any additional questions or issues you have. Our bonding experts can also help you with your application process.