According to New York state law, insurance adjusters are licensed as independent adjusters or public adjusters.
As a prerequisite for licensing, the New York State Department of Financial Services requires independent adjusters/public adjusters to obtain a $1000 surety bond.
AmeriPro Surety Bonds offers this surety bond for both new and renewal applicants.
As an FYI, we’ll use the term “independent adjuster bond” to mean and public adjusters; it is the same surety bond for both terms.
The purpose of the $1000 New York independent adjuster bond is to acts as a financial guarantee for the benefit of the consumer public.
More specifically, this surety bond protects consumers from acts of fraud, theft, or criminal misconduct committed by a licensed New York independent adjuster in the performance of their duties.
As such, the bond guarantees that independent adjusters will act according to the laws and statutes regulating their professional conduct.
The bond’s guarantee encompasses both independent adjusters and named sub-adjusters.
The independent adjuster bond is not, therefore, a liability insurance policy which protects the independent adjuster; but rather it is a surety that protects consumers (and the state of New York) from misdeeds committed by an independent adjuster.
Any claims paid on a surety bond become the responsibility of the licensed independent adjuster to reimburse the surety in full.
The independent adjuster bond has a small premium, at just $100 annually for the vast majority of our applicants.
The bond renews on an annual basis and must be kept to run concurrently with the independent adjuster licensed granted by the Department of Financial Services.
Applying and being approved for the New York independent adjuster bond is easy!
Just call our agency, and we’ll accept your surety bond application right over the phone.
The application process takes a few short minutes and we’ll answer --- or find the answer --- to any questions that you may have.
After the bond is approved, you’ll pay the premium, and we’ll have it shipped to you by the next business day at the latest.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, contractor, and fiduciary bonds for customers throughout New York state.
We also provide surety bonds nationwide.