An application, examination and Delaware public adjuster bond are the statutory requirements for those who seek licensing in Delaware. Pursuant to state statute, a “Public adjuster” means any person who, for compensation or any other thing of value:
a. Acts or aids, solely in relation to first party claims arising under insurance contracts that insure the real or personal property of the insured, on behalf of an insured individual in negotiating for, or effecting the settlement of, a claim for loss or damage covered by an insurance contract;
b. Advertises for employment as an adjuster of insurance claims or solicits business or represents oneself to the public as an adjuster of first party insurance claims for losses or damages arising out of policies of insurance that insure real or personal property; or
c. Directly or indirectly solicits business, investigates or adjusts losses or advises an insured about first-party claims for losses or damages arising out of policies of insurance that insure real or personal property for another person engaged in the business of adjusting losses or damages covered by an insurance policy.
Pursuant to § 1751, no one may act as a public adjuster without having posted an adequate Delaware public adjuster bond and procured a license from the Commissionerto act as a public insurance adjuster. The surety bond must be deposited with the Commissioner at the time of the application. Pursuant to §1752, the surety company must be licensed to operate in the state, written in the amount of twenty thousand dollars ($20,000) and must secure the adjusters faithful performance of his or her duties. Specifically, the Delaware public adjuster bond must possess the following characteristics:
(1) The surety bond must run to the State and specifically authorize recovery by the Commissioner of the damages sustained if the licensee is convicted of fraud or unfair practices in connection with the licensee’s business as a public adjuster.
(2) The aggregate liability of the surety for all damages shall not exceed the amount of the Delaware public adjuster bond.
(3) The surety bond may be terminated if at least 30 days written notice is given to the adjuster and filed with the Commissioner.