New Mexico Public Adjuster Bonds Explained
Public adjusters in New Mexico have to undergo a state licensing procedure that entails providing a public adjuster bond.
Your bond serves as a protection mechanism that safeguards the interests of your customers. It works as a guarantee for your compliance with applicable laws and regulations.
In practical terms, the bond represents a contract between three entities. The principal that has to get the bond is your business. The obligee is the New Mexico Office of the Superintendent of Insurance that sets the licensing criteria. The third party is the bond provider, which is the surety.
Questions about Public Adjuster Bond in New Mexico
Who has to provide this bond?
If you want to obtain a New Mexico public adjuster license, you have to post a $10,000 surety bond. The licensing authority is the Producer Licensing Bureau at the state Office of the Superintendent of Insurance.
How much does it cost to get bonded?
New Mexico public adjusters have to provide a $10,000 bond. In order to get bonded, however, you only have to pay a bond premium. It is a small percentage of the required amount. For applicants with stable finances, it is usually between 0.75% and 5%.
What factors influence your surety bond cost? The surety that you apply with has to assess the strength of your personal and business finances. It considers your personal credit score, company paperwork, and fixed and liquid assets. If the risk is lower based on these factors, you can expect to pay less for your bond.
|New Mexico 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||$10,000||$100-$1500||$100-$250||$250-$500||$500-$1,000|
What if I have financial problems?
Lance Surety Bonds runs its Bad Credit Surety Bonds program applicants with low credit scores, tax liens, bankruptcies, and civil judgments. In case you're struggling with such issues, this is a good option for you.
You can expect bonding rates around 5% to 10%. They are slightly higher than the regular programs, as the risk is increased. Due to our strong partnerships with numerous A-rated, T-listed surety companies, we are still able to offer you a top bonding premium despite your financial problems.
How do I get bonded?
To launch the process, you can complete our online application form (it takes 5min). Whenever we have your full set of documents, we will deliver you an exact quote. Then you can purchase your bond online straight away.
Interested in learning more details about the bonding process? You can refer to our in-depth How to Get Bonded page.
If you have any further queries, don't hesitate to call us at (877) 514-5146.
What happens if I get a bond claim?
You may end up with a claim against your public adjuster bond if you fail to comply with the legal framework in New Mexico. Harmed parties can thus demand fair reimbursement for damages they have suffered. The maximum penalty is the bond amount of $10,000 that you have posted.
Initially, your surety may cover the costs on proven claims. Thus, it ensures fast compensation for the claimants. Afterwards, you need to repay all incurred expenses, as set in the bond indemnity agreement. As a result, it is best to avoid claims, as they can be costly and cause additional problems for your business.
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Kimberlee AblesQuick 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!
Andrew PoincotLong 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!
Margie MartinezWe 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!