Public adjusters must follow a new bill that was enacted in the State of Kentucky. The new bill is referred to as HB 233 and implements the model public adjuster legislation of the National Association of Insurance Commissioners (NAIC). Now public adjusters must acquire a surety bond or an irrevocable letter of credit that can be no less than $20,000. The surety bond would be for the benefit of any individual in Kentucky who suffered damages caused by the public adjuster’s erroneous procedures, failure to act, conviction of deceit/fraud, or conviction of unjust trade practices.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.