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New Jersey Public Adjuster Bond: A Comprehensive Guide
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This guide provides information for insurance agents to help their customers obtain a New Jersey Public Adjuster bond
At a Glance:
- Average Cost: $100 per year or $10 per month
- Bond Amount: $10,000
- Who Needs it: All public adjusters operating in New Jersey
- 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 Jersey: The New Jersey Department of Banking and Insurance
Background
New Jersey Statute 17:22B-3 requires all public adjusters operating in the state to obtain a license from the Department of Banking and Insurance. The New Jersey 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 $10,000 surety bond to be eligible for licensure.
What is the Purpose of the New Jersey Public Adjuster Bond?
New Jersey 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 Jersey Statute 17:22B-12. 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 Jersey Public Adjuster Surety Bond?
BondExchange makes obtaining a New Jersey 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 New Jersey Public Adjuster Bond?
No, a credit check is not required for the New Jersey Public Adjuster bond. Because the bond is considered relatively low risk, the same rate is offered to all public adjusters in New Jersey regardless of their credit history.
How Much Does the New Jersey Public Adjuster Bond Cost?
The New Jersey Public Adjuster bond costs either $100 per year or $10 per month.
Who is Required to Purchase the New Jersey Public Adjuster Bond?
New Jersey requires public adjusters to purchase a surety bond as a prerequisite to obtaining a professional license. To paraphrase New Jersey Statute 17:22B-2, a public adjuster is a person that acts on behalf of or aids insureds in negotiating the settlement of insurance claims under a property insurance policy.
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 Jersey?
Public adjusters in New Jersey 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 (17:22B-1 et seq) for details on the process.
License Period – The New Jersey Public Adjuster License is valid for two years and expires on the last day of the adjuster’s birth month.
Step 1 – Pass the Exam
New Jersey requires public adjusters to pass a state exam before receiving their license. The exam is administered by PSI and public adjusters can register for it online here. Persons employed as public adjusters for at least five years before applying for licensure are not required to take the exam.
Step 2 – Get Fingerprinted
All applicants must get fingerprinted and can learn more about how to do so here.
Step 3 – Purchase a Surety Bond
Public adjusters must purchase and maintain a $10,000 surety bond.
Step 4 – Complete the Application
All New Jersey Public Adjuster License applications should be mailed to the following address:
State of New Jersey
Department of Banking & Insurance
Licensing Services Bureau
20 West State Street
PO Box 327
Trenton, NJ 08625
Public adjusters must complete the application in its entirety, and submit the following items:
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- $70 application fee (waived if the applicant is a disabled veteran)
- Two passport-sized photographs
- Their surety bond
- An exam score report
How do Public Adjusters in New Jersey Renew Their Licenses?
Public adjusters should mail their completed renewal applications, including the $50 renewal fee, to the following address:
State of New Jersey
Department of Banking and Insurance
Licensing Services Bureau
20 West State Street
P.O. Box 327
Trenton, NJ 08625-0327
Public adjusters must complete 15 hours of continuing education each renewal period. The New Jersey Public Adjuster License is valid for two years and expires on the last day of the adjuster’s birth month.
What are the Insurance Requirements for Public Adjusters in New Jersey?
New Jersey 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 $10,000 surety bond.
How do New Jersey Public Adjusters File Their Bonds?
Public adjusters in New Jersey should mail their completed bond forms, including the power of attorney, to the following address:
State of New Jersey
Department of Banking & Insurance
Licensing Services Bureau
20 West State Street
PO Box 327
Trenton, NJ 08625
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
- Premium rate
- Date the bond is signed
What Can New Jersey Public Adjusters Do to Avoid Claims Made Against Their Bonds?
To avoid claims against their bonds, public adjusters in New Jersey 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 Jersey?
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 Jersey 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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