A Montanan public adjuster bond is one of the requirements from all candidates for an insurance claims adjuster in the state. Any person or entity that "on behalf of the insurer, for compensation as an independent contractor or as the employee of an independent contractor or for a fee or commission investigates and negotiates the settlement of claims arising under insurance contracts or otherwise acts on behalf of the insurer", falls under regulation and must be licensed.
Per 6.6.1611 MONTANAN PUBLIC ADJUSTER'S BOND
Prior to the issuance of a license as a public adjuster, the applicant therefor shall file with the commissioner a public adjuster surety bond in favor of the people of Montana, executed by a surety company authorized to do business in the state in the amount of $5,000. The total aggregate liability on the bond may be limited to the payment of $5,000. The bond shall be conditioned on the accounting of the adjuster to any insured whose claim he is handling for moneys or any other settlement in connection with the claim.
Any bond shall remain in force concurrently with the license, or until the surety is released from liability by the commissioner, or until canceled by the surety. Without prejudice to any liability accrued prior to the cancellation, the surety may cancel a bond upon 30 days written notice filed with the commissioner.
Pursuant to the Montana Department of Insurance's submission protocol, the Montana public adjuster bond must be submitted by email to email@example.com or by fax to (406) 444-3497.
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