Surety Bond News

A new law concerning public adjusters was added to Florida state law on June, 23rd, 2008. The new law, which is labeled SB 2012, requires public adjuster apprentices to be licensed and obtain a surety bond of $50,000, issued by a state licensed surety company. The surety bond is conditioned for the trustworthy performance of their duties as an apprentice. SB 2012 requires the surety bond to be sustained for one year including the license period. The Department of Financial Services is solely allowed to make claims on the surety bond if the apprentice is found guilty of fraudulent or unfair practices regarding their business. The aggregate liability of the surety is restricted to the penal sum of the bond. The surety companies may terminate the bond with 30 days notice to both the apprentice and the Department of Financial Services.