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To become a licensed Tennessee public adjuster, you’ll need to get licensed and purchase a surety bond. Adjusters are licensed by the�Tennessee Department of Commerce & Insurance, but as in many states, applicants submit their information through the National Insurance Producer Registry (NIPR). Public adjusters need to meet some eligibility criteria:
Tennessee public adjuster applicants also need to pass a licensing exam. Businesses obtaining this license must designate a public adjuster responsible for the business’s legal compliance.
Licensed adjusters must maintain a�$50,000 surety bond�and $500,000 in errors and omissions insurance. Public adjusters’ license fee is $100, and applicants also undergo a fingerprint background check. Licenses are valid for two years.
Tennessee public adjusters need to get a $50,000 surety bond�but that’s far from the actual price you’ll pay for your bond. You’ll pay a premium that’s dependent on a review of your financial history and the bond’s term. With good credit, you could pay as little as $500 for your public adjuster bond.
The surety bond is the licensee’s promise that they will conduct business according to the�Tennessee Public Adjuster Licensing Act of 2006. If you violate any of those laws or any other laws the public adjuster license is subject to, a claim may be brought against the bond. If any claims are proven and paid out by the surety, you must reimburse the surety for those claims.
