Georgia Public Adjuster Bond: A Comprehensive Guide
At a Glance:
- Average Cost: $100 per year or $10 per month
- Bond Amount: $5,000
- Who Needs it: All resident public adjusters operating in Georgia
- Purpose: To protect the public from financial harm if the public adjuster commits fraud or engages in unfair business practices
- Who Regulates Public Adjusters in Georgia: The Georgia Insurance Commissioner
Georgia Statute 33-23-4 requires all public adjusters operating in the state to obtain a license from the Office of Commissioner of Insurance and Safety Fire. The Georgia legislature enacted the licensing requirement to ensure that public adjusters do not engage in unethical business practices. To provide financial security for the enforcement of the licensing law, resident public adjusters must purchase and maintain a $5,000 surety bond to be eligible for licensure.
What is the Purpose of the Georgia Public Adjuster Bond?
Georgia requires resident public adjusters to purchase a surety bond as part of the application process to obtain a license. The bond ensures that the public will receive compensation for financial harm if the public adjuster fails to abide by the regulations outlined in Georgia Rule 120-2-3-.18. Specifically, the bond protects the public if the public adjuster fails to account for all funds received, issues inaccurate reports, or fails to pay all fines and fees. In short, the bond is a type of insurance that protects insureds if the public adjuster violates the terms of their license.
How Can an Insurance Agent Obtain a Georgia Public Adjuster Surety Bond?
BondExchange makes obtaining a Georgia Public Adjuster bond easy. Simply log in to your account and use our keyword search to find the “public adjuster” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.
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Is a Credit Check Required for the Georgia Public Adjuster Bond?
No, a credit check is not required for the Georgia Public Adjuster bond. Because the bond is considered relatively low risk, the same rate is offered to all public adjusters in Georgia regardless of their credit history.
How Much Does the Georgia Public Adjuster Bond Cost?
The Georgia Public Adjuster bond costs just $100 per year or $10 per month.
Who is Required to Purchase the Georgia Public Adjuster Bond?
Georgia requires resident public adjusters to purchase a surety bond as a prerequisite to obtaining a professional license. To paraphrase Georgia Statute 33-23-1, a public adjuster is a person that acts on the behalf of or aids insureds in negotiating the settlement of first-party insurance claims.
BondExhange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.
How Do Public Adjusters Become Licensed in Georgia?
Public adjusters in Georgia must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the state’s licensing handbook for details on the process.
License Period – All Georgia Public Adjuster Licenses are valid for two years and expire on the last day of the adjuster’s birth month
Step 1 – Meet the Initial Requirements
Public adjusters in Georgia must be:
- At least 18 years old
- A Georgia resident or have a Georgia business address
- Eligible under Georgia Statute 33-23-21
Step 2 – Complete the Pre-Licensing Education
Georgia requires public adjusters to complete a 40-hour property and casualty course within 12 months of applying for licensure. Contact the Office of Commissioner of Insurance and Fire Safety for a list of approved providers. Applicants with a CPCU certification or a BBA or Ph.D. insurance are exempt from this requirement.
Step 3 – Pass the Exam
Public adjusters are required to pass an exam before receiving their license. Adjusters should contact Pearson Vue to schedule their exam and to obtain study materials. Adjusters with a CPCU certification or Ph.D. in insurance are exempt from this requirement.
Step 4 – Purchase a Surety Bond
Resident public adjusters must purchase and maintain a $5,000 surety bond.
Step 5 – Complete the Application
All Georgia Public Adjuster License applications should be submitted online here. Public adjusters must complete the application in its entirety, and pay a $100 application fee as well as a $20 processing fee.
Step 6 – Complete the Citizenship and Electronic Fingerprint Requirements
After completing their application, public adjusters must complete and submit a citizenship affidavit. Instructions on how to do so can be found here. Additionally, public adjusters must submit copies of their fingerprints and can do so here.
How do Georgia Public Adjusters Renew Their Licenses?
Public adjusters in Georgia can renew their licenses online here. All public adjusters must complete 12 hours of continuing education each renewal period. All Georgia Public Adjuster Licenses are valid for two years and expire on the last day of the adjuster’s birth month.
What are the Insurance Requirements for Public Adjusters in Georgia?
Georgia does not require public adjusters to purchase any form of liability insurance as a prerequisite to obtaining a license. Resident public adjusters must purchase and maintain a $5,000 surety bond.
How do Georgia Public Adjusters File Their Bonds?
Public adjusters in Georgia should submit their completed bond forms, including the power of attorney, electronically when submitting their license applications. The surety bond requires signatures from the surety company and the public adjuster. The surety company should include the following information on the bond form:
- Legal name and city of residence or business of the individual buying the bond
- Surety company’s name
- Bond amount
- Date the bond is signed
What Can Georgia Public Adjusters do to Avoid Claims Made Against Their Bonds?
To avoid claims against their bonds, public adjusters in Georgia must follow all license regulations in the state, including some of the most important issues below that tend to cause claims:
- Account for all funds received
- Issue accurate reports
- Pay any and all fines and fees
What Other Insurance Products Can Agents Offer Public Adjusters in Florida?
Most reputable public adjusters will purchase business liability insurance. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.
How Can Insurance Agents Prospect for Florida Public Adjusters?
Agents are able to search for public adjusters in Florida through Sircon. However, agents must know their name and city to do so. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.