A recently passed law means those seeking a Nebraska public adjuster license will need to get a surety bond.
Interested in getting licensed as a Nebraska public adjuster? Following the passage of LB 743, you’ll now need to get a surety bond, too.
Surety bonds and LB�743
LB 743 was signed by Nebraska Gov. Pete Ricketts on April 23, 2018. The bill adopted Nebraska’s version of the Public Adjuster Licensing Act, a law that has been adopted by many U.S. states. Previously, adjusters were licensed as insurance producers with the state Department of Insurance (DOI); the agency will still issue their licenses.
The surety bond LB 743 introduces is a $20,000 Nebraska public adjuster license bond. As with all license surety bonds, it serves as the adjuster’s guarantee that they will adhere to the terms of their license and perform their job in accordance with the law. The bond is also a promise that if the adjuster does commit fraud or break the law and cause financial damage to any client, the client can seek reimbursement by filing a claim against the bond. Valid claims are paid out by the surety, and the bondholder must repay the surety for any paid claims. Brush up on what surety bonds are if being bonded is new for you.
Nebraska public adjuster licensing
LB 743 introduced a license that allows both business and individuals to become Nebraska public adjusters. Application, surety bond and other licensing forms are forthcoming from the DOI, but the bill has laid out the basics of how it will work. Here’s some of the criteria for application:
- At least 18 years old
- Principal place of residence or business in Nebraska
- Pass the licensing exam and pay applicable fees
- Trustworthy, reliable, and of good reputation
Nonresident public adjuster applicants must be licensed in good standing in their home state.�Business entities seeking this license need to designate a licensed public adjuster as being in charge of the business’s compliance with insurance law and all state rules and regulations. Take a look at the bill in its entirety to learn more about licensing specifics.
The method for calculating public adjuster licensing expiration is a little confusing: licenses expire on the last day of the month in which the adjuster was born in the first year following licensing that the adjuster’s age is even. For example, if the public adjuster was born in October and licensed the year they turned 30, their license would expire on October 31 the year they turn 32. Business licenses expire on April 30 each year.
Are you a Nebraska public adjuster who needs a quote for your surety bond? Get your free quote � call Single Source Insurance today!