New Hampshire Public Adjuster Bond: A Comprehensive Guide

This guide provides information for insurance agents to help their customers obtain a New Hampshire Public Adjuster bond

At a Glance:

• Average Cost: $140 per year or $14 per month
• Bond Amount: $20,000
• Who Needs it: All public adjusters operating in New Hampshire
• Purpose: To protect insureds from financial harm if the public adjuster commits fraud or engages in unfair business practices
• Who Regulates Public Adjusters in New Hampshire: The New Hampshire Department of Insurance
  

Background

New Hampshire Statute 402-D:3 requires all public adjusters operating in the state to obtain a license from the Department of Insurance. The New Hampshire legislature enacted the licensing requirement to ensure that public adjusters do not engage in unethical business practices. To provide financial security for the enforcement of the licensing law, public adjusters must purchase and maintain a $20,000 surety bond to be eligible for licensure.

What is the Purpose of the New Hampshire Public Adjuster Bond?

New Hampshire requires public adjusters to purchase a surety bond as part of the application process to obtain a license. The bond ensures that insureds will receive compensation for financial harm if the public adjuster fails to abide by the regulations outlined in New Hampshire Statute 402-D:11. Specifically, the bond protects insureds if the public adjuster commits fraud or engages in unfair business practices. In short, the bond is a type of insurance that protects insureds if the public adjuster violates the terms of their license.

How Can an Insurance Agent Obtain a New Hampshire Public Adjuster Surety Bond?

BondExchange makes obtaining a New Hampshire Public Adjuster bond easy. Simply log in to your account and use our keyword search to find the “public adjuster” bond in our database. Don’t have a login? Gain access now and let us help you satisfy your customers’ needs. Our friendly underwriting staff is available by phone at (800) 438-1162, email, or chat from 7:30 AM to 7:00 PM EST to assist you.

At BondExchange, our 40 years of experience, leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.

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Is a Credit Check Required for the New Hampshire Public Adjuster Bond?

No, a credit check is not required for the New Hampshire Public Adjuster bond. Because the bond is considered relatively low risk, the same rate is offered to all public adjusters in New Hampshire regardless of their credit history.

How Much Does the New Hampshire Public Adjuster Bond Cost?

The New Hampshire Public Adjuster bond costs either $140 per year or $14 per month.

Who is Required to Purchase the New Hampshire Public Adjuster Bond?

New Hampshire requires public adjusters to purchase a surety bond as a prerequisite to obtaining a professional license. To paraphrase New Hampshire Statute 402-D:2, a public adjuster is a person that acts on behalf of or aids insureds in negotiating the settlement of insurance claims under a fire or homeowner’s insurance policy.

Exemptions to this definition include:

• Licensed attorneys
• Persons employed for the sole purpose of gathering facts around a potential loss or to provide technical assistance to a licensed public adjuster
• Licensed health care providers that prepare and/or file health claim forms on behalf of patients
• Persons that settle subrogation claims between insurers

BondExchange now offers monthly pay-as-you-go subscriptions for surety bonds. Your customers are able to purchase their bonds on a monthly basis and cancel them anytime. Learn more here.

How Do Public Adjusters Become Licensed in New Hampshire?

Public adjusters in New Hampshire must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the state’s licensing page and the licensing statutes for details on the process.

License Period – New Hampshire public adjuster licenses expire on October 1 of every other year

Step 1 – Meet the Prerequisites

All applicants for the New Hampshire Public Adjuster License must have at least five years of experience in the insurance industry, with some of this experience relating to claims adjusting. Additionally, all applicants must be at least 18 years old and be considered of good character.

Step 2 – Pass the Exam

Public adjusters are required to pass a state exam before receiving a license and can register for the exam online here. Non-resident public adjusters that are, or have been within the past 12 months, licensed in another state with an exam requirement do not have to take the New Hampshire Public Adjuster License Exam.

Step 3 – Purchase a Surety Bond

Public adjusters must purchase and maintain a $20,000 surety bond.

Step 4 – Complete the Application

All New Hampshire Public Adjuster License applications should be mailed to the following address:

State of New Hampshire
Insurance Department
21 South Fruit Street Ste 14
Concord NH 03301

Public adjusters must complete the application in its entirety, pay a $100 fee, and submit a copy of the contract to be used with insureds.

How do Public Adjusters in New Hampshire Renew Their Licenses?

Prior to their licenses’ expiration date, the Department of Insurance will contact public adjusters with instructions on how to renew their licenses. Resident public adjusters must complete at least 15 hours of continuing education, with a minimum of three hours devoted to ethics, each renewal period. New Hampshire public adjuster licenses expire on October 1 of every other year.

What are the Insurance Requirements for Public Adjusters in New Hampshire?

New Hampshire does not require public adjusters to purchase any form of liability insurance as a prerequisite to obtaining a license. Public adjusters must purchase and maintain a $20,000 surety bond.

How do New Hampshire Public Adjusters File Their Bonds?

Public adjusters in New Hampshire should mail their completed bond forms, including the power of attorney, to the following address:

State of New Hampshire
Insurance Department
21 South Fruit Street Ste 14
Concord NH 03301

The surety bond requires signatures from the surety company, the public adjuster, and a witness for the public adjuster. The surety company should include the following information on the bond form:

• Legal name and address of the individual buying the bond
• Surety company’s name, address, and state of incorporation
• Bond amount
• Date the bond goes into effect
• Date the bond is signed

What Can New Hampshire Public Adjusters Do to Avoid Claims Made Against Their Bonds?

To avoid claims against their bonds, public adjusters in New Hampshire must follow all license regulations in the state, including some of the most important issues below that tend to cause claims:

• Do not commit fraud
• Do not engage in unfair business practices

What Other Insurance Products Can Agents Offer Public Adjusters in New Hampshire?

Most reputable public adjusters will purchase business liability insurance. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.

How Can Insurance Agents Prospect for New Hampshire Public Adjusters?

Agents can obtain a full list of all Iowa public adjusters through the NAIC. However, agents may need to pay a fee to do so. Contact BondExchange for additional marketing resources. Agents can also leverage our print-mail relationships for discounted mailing services.