Pennsylvania Public Adjuster Bond
A Pennsylvania public adjuster bond is required per Act 21 of 2012. The rule also applies to public adjuster solicitors whose licenses have all converted to public adjuster. Pennsylvania defines a public adjuster and describes regulated activity under Act No. 21 as, "Any person or business that advertises, solicits business or holds himself [or itself] out to the public as an adjuster of claims for losses or damages arising out of policies of insurance, surety or indemnity upon property, persons or insurable business interests within Pennsylvania and receiving any compensation or reward for the giving of advice or assistance to the insured in the adjustment of claims for such losses, or who for compensation or reward, whether by way of salary or commission or otherwise solicits business, investigates, adjusts losses or advises an insured with reference to claims for losses on behalf of any other person or entity that is in the business of adjusting losses. There are FEW exceptions to the licensing requirement.
Pursuant to Section 4(a) of the same Act, each individual and business entity receiving a public adjuster's license must, before transacting any business thereunder, execute and deliver to the Insurance Commissioner a Pennsylvania public adjuster bond in the minimum penal sum of $20,000 with such sureties as the Insurance Commissioner may approve. The surety bond guarantees that adjuster will faithfully comply with all the requirements of the licensing lasw, shall not embezzle, take, secrete or otherwise dispose of or fraudulently withhold, appropriate, lend, invest or otherwise use or apply any money or substitutes for money or any salvage, goods or property received by him as such public adjuster, contrary to the instructions or without the consent of the assured or his legal representative.
FYI: Previous to the enactment of the 2012 Omnibus regulations, at public adjuster solicitor bond was required in the amount of $8,000. That requirement was superseaded by Act 21 and is now the same as the public adjuster's bond obligation.
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