Iowa Public Adjuster Bond

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Bond Penalty: $20,000

As in most states that have adopted the general provisions of the NAIC model adjuster rules, an Iowa public adjuster bond is required as one of the licensing requirements for resident adjusters. Per the Iowa statutes (55.10),...

(1) Prior to the issuance of a license as a public adjuster and for the duration of the license, an applicant shall secure evidence of financial responsibility in a format prescribed by the division through a public adjuster bond. The surety bond shall be executed and issued by an insurer authorized to issue surety bonds in this state, and must meet the following requirements:

  • Shall be in the minimum amount of $20,000;
  • Shall be in favor of this state and shall specifically authorize recovery by the commissioner on behalf of any person in this state who sustained damages as the result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices in the applicant's capacity as a public adjuster; and
  • Shall not be terminated unless at least 30 days' prior written notice has been filed with the division and submitted to the licensed public adjuster.

Given the many ways that an insurance adjuster can engage in prohibited conduct or divert third party monies to personal ends, most states strongly regulate the profession. A public adjuster bond is generally a simple code compliance obligation however it also guarantees that the adjuster will indemnify a victim of his or her wrongful acts for losses incurred as a result of those acts.

Iowa surety bond leader, Surety One, Inc. is a specialist in the bonding needs of independent and public adjusters. We offer both the surety and fidelity bonds needed by insurance 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 or click here for live chat. An Iowa public adjuster bond is quick, easy and issued within hours.

Surety bond application review and quoting are free of charge. There is no obligation to purchase.

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