Idaho Public Adjuster Bond: A Comprehensive Guide
This guide provides information for insurance agents to help their customers obtain an Idaho Public Adjuster bond
At a Glance:
- Average Cost: $140 per year or $14 per month
- Bond Amount: $20,000
- Who Needs it: All public adjusters operating in Idaho
- Purpose: To protect insureds from financial harm if the public adjuster commits fraud or engages in unfair business practices
- Who Regulates Public Adjusters in Idaho: The Idaho Department of Insurance
Idaho Statute 41-5803 requires all public adjusters operating in the state to obtain a license from the Department of Insurance. The Idaho 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, public adjusters must purchase and maintain a $20,000 surety bond to be eligible for licensure.
What is the Purpose of the Idaho Public Adjuster Bond?
Idaho requires public adjusters to purchase a surety bond as part of the application process to obtain a license. The bond ensures that insureds will receive compensation for financial harm if the public adjuster fails to abide by the regulations outlined in Idaho Statute 41-5812. Specifically, the bond protects insureds if the public adjuster commits fraud or engages in unfair business practices. 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 an Idaho Public Adjuster Surety Bond?
BondExchange makes obtaining an Idaho 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.
At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.
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Is a Credit Check Required for the Idaho Public Adjuster Bond?
No, a credit check is not required for the Idaho Public Adjuster bond. Because the bond is considered relatively low risk, the same rate is offered to all public adjusters in Idaho regardless of their credit history.
How Much Does the Idaho Public Adjuster Bond Cost?
The Idaho Public Adjuster bond costs just $140 per year or $14 per month.
Who is Required to Purchase the Idaho Public Adjuster Bond?
Idaho requires public adjusters to purchase a surety bond as a prerequisite to obtaining a professional license. To paraphrase Idaho Statute 41-5802, a public adjuster is a person that acts on the behalf of or aids insureds in negotiating the settlement of first-party insurance claims.
BondExchange 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 Idaho?
Public adjusters in Idaho must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the state’s licensing page for details on the process.
License Period – All Idaho Public Adjuster Licenses are valid for two years and expire on the last day of the adjuster’s birth month
Step 1 – Pass the Exam
Public adjusters must pass a state exam before applying for licensure. Adjusters can schedule an exam and access study materials here. Non-resident public adjusters licensed in their home state are exempt from this requirement.
Step 2 – Get Fingerprinted
All resident public adjusters are required to get fingerprinted and must do so at an approved PSI location. Adjusters must pay a $70 fee when getting their fingerprints taken. Non-resident public adjusters licensed in their home state are exempt from this requirement.
Step 3 – Purchase a Surety Bond
Both resident and non-resident public adjusters must purchase and maintain a $20,000 surety bond.
Step 4 – Complete the Application
All Idaho Public Adjuster License applications should be submitted online here. Public adjusters must complete the application in its entirety, pay an $80 fee, and submit the following items to the NIPR’s Documents Warehouse:
- Copy of exam pass slips
- CHRI Request and Release form
- Fingerprint receipt
How do Public Adjusters in Idaho Renew Their Licenses?
Public adjusters can submit their completed renewal applications, including the required $60 fee (not including the vendor processing fee), online here. Public adjusters must complete at least 24 hours of continuing education each renewal period, with a minimum of 3 hours devoted to ethics. All Idaho 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 Idaho?
Idaho does not require public adjusters to purchase any form of liability insurance as a prerequisite to obtaining a license. Both resident and non-resident public adjusters must purchase and maintain a $20,000 surety bond.
How do Idaho Public Adjusters File Their Bonds?
Public adjusters in Idaho should submit their completed bond forms, including the power of attorney, to the Department of Insurance at the following address:
700 W. State Street, 3rd Fl.
P.O. Box 83720
Boise, ID 83720-0043
The surety bond requires signatures, including witness signatures, from the surety company and the public adjuster. The surety company should include the following information on the bond form:
- Legal name and address of the individual buying the bond
- Surety company’s name and address
- Date the bond goes into effect
- Date the bond is signed
What Can Idaho Public Adjusters Do to Avoid Claims Made Against Their Bonds?
To avoid claims against their bonds, public adjusters in Idaho must follow all license regulations in the state, including some of the most important issues below that tend to cause claims:
- Do not commit fraud
- Do not engage in unfair business practices
What Other Insurance Products Can Agents Offer Public Adjusters in Idaho?
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 Idaho Public Adjusters?
Agents can obtain a full list of all Idaho public adjusters through the NAIC. However, agents may need to pay a fee to do so. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.