New Mexico licenses three classes of adjuster; public, independent and staff. Each of these licensees except for "staff" is responsible for filing a New Mexico adjuster bond with the Superintendent of Insurance. Pursuant to the licensing statutes, an adjuster investigates, negotiates, settles or adjusts a loss or claim arising under an insurance contract on behalf of an insurer, insured or self-insurer, for a fee, commission or other compensation and advises the insured of his rights to settlement and his rights to settle, arbitrate and litigate the dispute. Each license class has its own duties to insureds.
Staff Adjuster ~ an individual who is a salaried employee of an insurer, representing and adjusting claims solely under policies of the employer insurer.
Independent Adjuster ~ is not a staff adjuster and includes a representative and an employee of an independent adjuster. The definition includes a representative and an employee of an independent adjuster.
Public Adjuster ~ this terminology is not contemplated under state statutes however pending legislation will create this license class. The new license requirements will include a $50,000 New Mexico public adjuster bond.
Currently licensees must file a surety bond in the amount of $10,000 (soon to change). The surety bond must be in effect for the duration of the license, or until the surety is released from liability by the Superintendent, or until cancelled by the surety. Without prejudice to any liability accrued prior to cancellation, the surety may cancel a bond by giving written notice to the superintendent at least thirty days prior to effective date of the cancellation. The bond guarantees the payment of actual damages resulting to the State of New Mexico or any member of the public in New Mexico from violation of law by the licensee while acting as an adjuster. The bond must be one executed by an surety company licensed in the state. Further guidance is offered by the Superintendent here.
New Mexico 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 Underwriting@SuretyOne.com or click here for live chat. A New Mexico 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.