Idaho Public Adjuster Bond

The Idaho Department of Insurance imposes a $20,000 surety bond on all entities that want to get an Idaho public adjuster license. You have to provide it in the official bond form. The purpose of the bond is to ensure your compliance with Chapter 58 of the Idaho Statutes, as well as any other applicable laws.

Public adjusters in Idaho need to provide a $20,000 surety bond as a part of the licensing process. However, your actual surety bond cost is only a percentage of this amount, which is called the bond premium. The more stable your finances are, the smaller this percentage will be. The typical rates are between 1% and 5% for applicants with solid finances.

When you apply with a surety, it has to examine your personal credit score, business finances, liquidity, assets, and even business experience. By considering these factors, it can assess the level of risk that is involved with bonding you. The lower the perceived risk is, the smaller your bond cost is likely to be.

With Lance Surety Bonds you can get the bond you need even if you have a low credit score, tax liens, bankruptcies, or civil judgements. We have created our Bad Credit Surety Bonds program to help applicants with problematic finances get bonded.

As the bonding risk is higher, the rates for bad credit bonds are about 5%-10%. Still, we will find the most appropriate bond option for your particular needs. We are able to do this because of our excellent partnerships with numerous A-rated, T-listed surety companies.

Want to learn more about the way bonding functions? You can consult our detailed How to Get Bonded page for a full overview.

Don’t hesitate to reach us at (877) 514-5146 if you need further help. We're here to answer your questions and assist you with your bond application

The purpose of your bond is to protect your customers from illegal actions on your side, such as charging fees that have not been agreed in advance or misrepresenting legal information. If you engage in such activities, you may end up with a bond claim brought by a harmed party.

The maximum compensation that claimants can seek is your bond amount, which is $20,000. On proven cases, your surety can step in to pay the reimbursement. Then you have to repay it fully. This means that bond claims are to be avoided as much as possible since they can cause serious financial issues for your business.