Independent Adjuster Bond
An independent adjuster is an insurance claims professional. Unlike a "public" adjuster, he or she acts on behalf of the carriers that insure policyholders rather than the policyholders themselves. Wonderful Wikipedia states that an independent adjuster's general responsibilities are but are not necessarily limited to:
- Notifying the insurer of a covered loss as defined under the policy of insurance
- Responding to claims in a timely manner
- Filing paperwork
- Communicating with policyholders
- Investigating liability
- Assessing damages
- Researching, detailing, and substantiating each aspect of the claim, including building damage, contents, and extra living expense claims
- Preparing a detailed damages report based on monthly updated insurance cost software for the purpose of making an offer of settlement to the insured
- If needed for specialty cost coding, negotiating with product/service providers on time and cost of repairs for the purpose of making an offer of settlement to the insured
- Ensuring accurate procedures
- Protecting the interest of the insurance company the adjuster represents when dealing with claimants
- Maintaining computer skills with a high degree of proficiency
Given the many ways that an adjuster can engage in inappropriate conduct or divert third party monies to personal ends, most states strongly regulate the profession. The states that have adopted the National Association of Insurance Commissioners model rules for independent adjusters largely require surety bonding as part of license approval. An independent adjuster bond is a simple code compliance obligation. The surety bond guarantees that the adjuster will indemnify "any person in the state who sustained damages as the result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices in his or her capacity as an adjuster." Visit some of our state pages to learn more:
National surety bond leader, SuretyOne.com is a specialist in the bonding needs of the insurance sector. We offer both surety and fidelity bonds needed by claims professionals in all fifty states, Puerto Rico and the U.S. Virgin Islands. Questions about this surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. An independent adjuster bond is quick, easy, available for any credit condition and is issued same-day.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
