The Division of Banking and Insurance is the licensing body and regulator for insurance adjusters operating in the island chain. All adjusters, resident and non-resident must seek an appropriate approval for conducting any loss investigation or settlement activity. A Virgin Islands public adjuster bond is required in addition to complete application and corresponding fee.
Pursuant to the Code of the Virgin Islands, Chapter 31: VIRGIN ISLANDS PRODUCER AND ADJUSTER LICENSING ACT, A person may not act as or hold himself out to be an adjuster in this Territory unless licensed by the Commissioner or otherwise authorized to act as an adjuster under the law. Penalties for willful violation can be severe. Any person violating the licensing statute is liable for a fine of not to exceed $10,000 and/or imprisonment for not to exceed six months for each instance of such violation. If the applicant seeks a resident license he or she must file a Virgin Islands public adjuster bond in the amount of $5,000 and demonstrate sufficient experience or special education or training with reference to the handling of loss claims under insurance contracts, of sufficient duration and extent reasonably to make him competent to fulfill the responsibilities of an adjuster. A non-resident applicant must also file a $5,000 surety bond however that applicant is exempted from examination and verification of experience/training.
The Virgin Islands public adjuster bond must be filed with the Commissioner of Insurance and must may remain in effect for the duration of the license. The surety bond must be written in favor of the people of the Territory of the Virgin Islands and issued by an authorized corporate surety approved by the Commissioner. The bond is written as a continuous obligation and total aggregate liability on the bond may be limited to the payment of $5,000 regardless of how long the bond is in effect. The surety bond guarantees the honesty of the accounting by the adjuster to any insured whose claim he or she is handling, for moneys or any settlement received in connection of the same. License application documents may be submitted to:
Division of Insurance
Public Adjuster Licensing
No. 5049 Kongens Gade
St. Thomas, VI 0080
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