Minnesota Public Adjuster Bond

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Minnesota Public Adjuster Bond: A Comprehensive Guide

This guide provides information for insurance agents to help their customers obtain a Minnesota Public Adjuster bond

At a Glance:

  • Average Cost: $100 per year or $10 per month
  • Bond Amount: $10,000
  • Who Needs it: All public adjusters operating in Minnesota
  • Purpose: To protect insureds from financial harm if the public adjuster commits fraud or fails to pay them all funds owed
  • Who Regulates Public Adjusters in Minnesota: The Minnesota Department of Commerce 
Minnesota Public Adjuster Bond Form
Minnesota Public Adjuster Bond Form


Minnesota Statute 72B.03 requires all public adjusters operating in the state to obtain a license from the Department of Commerce. The Minnesota 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 $10,000 surety bond to be eligible for licensure.

What is the Purpose of the Minnesota Public Adjuster Bond?

Minnesota 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 Minnesota Statute 72B.041. Specifically, the bond protects insureds if the public adjuster commits fraud or fails to pay them all funds owed. 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 Minnesota Public Adjuster Surety Bond?

BondExchange makes obtaining a Minnesota 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 Minnesota Public Adjuster Bond?

No, a credit check is not required for the Minnesota Public Adjuster bond. Because the bond is considered relatively low risk, the same rate is offered to all public adjusters in Minnesota regardless of their credit history.

How Much Does the Minnesota Public Adjuster Bond Cost?

The Minnesota Public Adjuster bond costs just $100 per year or $10 per month.

Who is Required to Purchase the Minnesota Public Adjuster Bond?

Minnesota requires public adjusters to purchase a surety bond as a prerequisite to obtaining a professional license. To paraphrase Minnesota Statute 72B.02, a public adjuster is a person that acts on the behalf of or aids insureds in negotiating the settlement of first-party insurance claims.

Exemptions to this definition include:

  • Licensed attorneys acting within their professional capacity
  • Persons employed solely to obtain facts for or provide technical assistance to licensed public adjusters
  • Persons employed to investigate fraudulent insurance claims but do not adjust losses or determine claims payments
  • Persons that solely perform executive, administrative, managerial, or clerical duties and do not investigate, negotiate, and/or settle claims
  • Licensed health care providers, managed care organizations, and their employees who provide managed care services, provided the services do not include the determination of compensability
  • Persons who only settle reinsurance or subrogation claims
  • Officers, directors, managers, or employees of authorized insurers, surplus lines insurers, risk retention groups, or attorneys-in-fact of reciprocal insurers
  • Managers of the US branch of alien insurers
  • Persons that investigate, negotiate, and/or settle life, accident and health, annuity, or disability insurance claims
  • Individual employees, under self-insured arrangements, that adjust claims on behalf of their employers
  • Licensed insurance producers, attorneys-in-fact of reciprocal insurers, or managing general agents of insurers that have been granted claims authority
  • Persons authorized to adjust workers’ compensation or disability claims under the authority of a third-party administrator license

Minnesota Public Adjuster Bond

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 Minnesota?

Public adjusters in Minnesota must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the state’s licensing page and statutes for details on the process.

License Period – All Minnesota 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

Minnesota requires resident public adjusters to pass a state exam before receiving their license. The exam is administered through Pearson Vue and public adjusters can register for it online here. Public adjusters are not required to take an exam if they are currently licensed as a public adjuster in another state that requires an exam or if their license is expired and they apply for licensure in Minnesota within 90 days of the expiration date.

Step 2 – Get Fingerprinted

Public adjusters must get fingerprinted and pass a criminal background check. All public adjusters are able to get fingerprinted electronically and can do so at any Pearson Vue testing center or at their local police station. The cost of obtaining electronic fingerprints is $48.75.

Step 3 – Complete the Application

All Minnesota Public Adjuster License applications should be submitted online here. Public adjusters must complete the application in its entirety, and pay a $50 fee.

Step 4 – Purchase a Surety Bond

Public adjusters must purchase and maintain a $10,000 surety bond.

How do Public Adjusters in Minnesota Renew Their Licenses?

Public adjusters should submit their completed renewal applications, including the required $50 fee, online here. All public adjusters are required to complete 24 hours of continuing education each renewal period, with at least three hours devoted to ethics. All Minnesota 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 Minnesota?

Minnesota does not require public adjusters to purchase any form of liability insurance as a prerequisite to obtaining a license. Public adjusters must purchase and maintain a $10,000 surety bond.

How do Minnesota Public Adjusters File Their Bonds?

Public adjusters in Minnesota should email their completed bond forms, including the power of attorney, to the Department of Commerce at [email protected]. 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 of the individual buying the bond
  • Surety company’s name

What Can Minnesota Public Adjusters Do to Avoid Claims Made Against Their Bonds?

To avoid claims against their bonds, public adjusters in Minnesota 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
  • Pay all funds owed to insureds

What Other Insurance Products Can Agents Offer Public Adjusters in Minnesota?

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 Minnesota Public Adjusters?

Agents can search for licensed public adjusters by city online here. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.

Minnesota Public Adjuster Bond