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Iowa Public Adjuster Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain an Iowa Public Adjuster bond
At a Glance:
- Average Cost: $200 per year or $20 per month
- Bond Amount: $20,000
- Who Needs it: All public adjusters operating in Iowa
- Purpose: To protect insureds from financial harm if the public adjuster commits fraud or engages in unfair business practices
- Who Regulates Public Adjusters in Iowa: The Hawaii Insurance Division
Background
Iowa Code 191—55.3(522C) requires all public adjusters operating in the state to obtain a license from the Insurance Division. The Iowa 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 Iowa Public Adjuster Bond?
Iowa 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 Iowa Code 191—55.10. 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 an Iowa Public Adjuster Surety Bond?
BondExchange makes obtaining an Iowa 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.
Not an agent? Then let us pair you with one!
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Is a Credit Check Required for the Iowa Public Adjuster Bond?
No, a credit check is not required for the Iowa Public Adjuster bond. Because the bond is considered relatively low risk, the same rate is offered to all public adjusters in Iowa regardless of their credit history.
How Much Does the Iowa Public Adjuster Bond Cost?
The Iowa Public Adjuster bond costs just $200 per year or $20 per month.
Who is Required to Purchase the Iowa Public Adjuster Bond?
Iowa requires public adjusters to purchase a surety bond as a prerequisite to obtaining a professional license. To paraphrase Iowa Code 191—55.2(522C), a public adjuster is a person that acts on the behalf of or aids insureds in negotiating the settlement of first-party insurance claims.
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 Iowa?
Public adjusters in Iowa must navigate several steps to obtain a license. Below are the general guidelines, but applicants should refer to the licensing statutes for details on the process.
License Period – Iowa public adjuster licenses are valid for two years and expire on the last day of the adjuster’s birth month
Step 1 – Pass the Exam
Resident public adjusters must pass a state exam before applying for licensure. The exam is administered through Pearson Vue, and public adjusters can schedule an exam here. Applicants are exempt from the exam requirement if they have been previously licensed as a public adjuster in a state that requires an exam (see Iowa Code 191—55.7(522C) for more information).
Step 2 – Purchase a Surety Bond
Both resident and non-resident public adjusters operating in Iowa must purchase and maintain a $20,000 surety bond.
Step 3 – Complete the Application
All Florida Public Adjuster License applications should be submitted through the NIPR Online System. Public adjusters must complete the application in its entirety, and submit the following items:
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- $50 application fee
- Copy of their customer contract
- Their surety bond
- Completed Public Adjuster Checklist and Attestation
Public adjusters must submit their application within 90 days of passing the exam. Additionally, all applicants must pass a criminal history check.
How do Public Adjusters in Iowa Renew Their Licenses?
Public adjusters can submit their completed renewal applications, including the required $50 fee, online here. Public adjusters must complete at least 24 credits of continuing education each renewal period (1 credit equals 50 minutes of instruction/reading materials), with 2 credits devoted to ethics. Iowa public adjuster licenses are valid for two years and expire on the last day of the adjuster’s birth month
What are the Insurance Requirements for Public Adjusters in Iowa?
Iowa does not require public adjusters to purchase any form of liability insurance as a prerequisite to obtaining a license. Both resident and non-resident public adjusters must purchase and maintain a $20,000 surety bond.
How do Iowa Public Adjusters File Their Bonds?
Public adjusters in Iowa should submit their completed bond forms, including the power of attorney, electronically when submitting their license applications. The surety bond requires signatures from the surety company and 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
- Date the bond is signed
What Can Iowa Public Adjusters Do to Avoid Claims Made Against Their Bonds?
To avoid claims against their bonds, public adjusters in Iowa 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 Iowa?
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 Iowa 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.
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