Illinois public adjusters are regulated by the state’s Department of Insurance and Chapter 215 Insurance § 5/1575 of the Illinois state’s statutes.
As a requirement for the public adjuster license, you are required to obtain a $20,000 surety bond.
The bond is available from AmeriPro Surety Bonds both as a first time and renewal bond.
The purpose of the Illinois public adjuster bond is to protect the interests of the people of the state of Illinois.
Specifically, the surety bond is a financial protection purchased by you – the principal – to protect your customers from any acts of fraud, theft, or criminal malfeasance or misfeasance by you as a public adjuster in the course of your professional duties.
This protection also extends to wrongful acts committed by those whom you employ, if such acts harm the public.
As such, the bond is not an insurance policy; it does not protect you as a licensed Illinois public adjuster.
Rather, the bond is solely for the protection of the public.
And should a customer be able to demonstrate financial harm and have a payment from your surety, as a licensed adjuster you are required to reimburse the surety in full. This includes all costs and fees paid in the settlement of your claim.
Take heart: you will pay nowhere near the bond’s $20,000 amount.
A licensed public adjuster may pay as little as 1% --- $200 --- for the Illinois public adjuster bond.
However, the amount that you will be required to pay will be determined by means of an application –which can be completed over the phone if you’d like --- and your credit score.
It will generally take anywhere between a few hours to one business day to determine the amount of premium required (much of that depends on what time of day your application is made).
Once issued, your insurance public adjuster bond is active for one year. The bond must be renewed annually as a condition of maintaining your insurance adjuster license in good standing.
Our surety will mail you the renewal reminder ahead of time, but you want to keep us informed of any changes in contact information, mailing addresses, etc.
Besides the $20,000 Illinois public adjuster bond, applicants for the profession will need to:
Renewal applicants for the Illinois adjuster license must, in addition to renewing their surety bond:
AmeriPro Surety Bonds is a surety bonds-only agency providing surety bonds throughout Illinois.
Such bonds include license and permit, contractor, court, and fiduciary surety bonds.
We also provide surety bonds nationwide.
Our agency will work with you to provide the best surety bond pricing.
We thank you for you choosing our agency and we look forward to hearing from you.