The Commissioner of Banking and Insurance regulates claims adjusters under the Public Adjusters' Licensing Act, P.L. 1993, c. 66. Pursuant to the statute every licensee must "file with the Commissioner a New Jersey public adjuster bond in the penal sum of ten thousand dollars ($10,000) applicable to the licensee, and temporary sublicensees named in the license, and any temporary sublicensee sponsored by the licensee." This surety bond must be issued by an surety company licensed to conduct business in the state and generally conditioned on faithful and honest conduct of the public adjuster. The obligation states specifically,...
"The condition of this bond is that if the principal, licensee, or any sublicensees of the licensee, if any, conducts her, his or its business as a public adjuster faithfully, honestly, and in accordance with law, and if the principal, licensee or any sublicensee of the licensee, if any, faithfully complies with and abides by the provisions of N.J.S.A. 17:22B-1 et seq., and all rules and regulations promulgated pursuant thereto, and any amendments thereto, and will commit no willful, malicious or wrongful act, and perform all obligations and undertakings when engaging as a public adjuster in this State, and will pay to the State any and all money that may become due and owing to the State under and by virtue of the provisions of N.J.S.A. 17:22B-1 et seq., then this obligation will be null and void; otherwise it shall remain in full force and effect."
A New Jersey public adjuster bond is cancelable by the surety and uniquely by the Commissioner of Insurance. The obligation also allows for third parties to prosecute claims directly against the surety in any state court. New Jersey does not accept electronic bonds. The original surety bond may be delivered as follows:
State of New Jersey
Department of Banking and Insurance
P.O. Box 327
Trenton, NJ 08625-0327
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