The Insurance Adjuster Bond – Getting Yours Couldn’t Be Easier
There are motor vehicle accidents each and everyday, within the country of Canada. At the same time, hundreds of insurance claims are filed on a weekly basis. In order to guarantee that insurance companies pay out the appropriate amount of money, they utilize insurance adjusters. These individuals investigate the claim, formulate a precise amount, and finally authorize the payment. Although a lot of adjusters work for insurance companies, they can also be independent. Regardless, each position will require that you meet a few qualifications, before you’ll be able to acquire the job. One of the most vital is acquire the adjuster bond. Within this guide, you’ll learn more, so you can acquire the bond and the job!
Understanding The Duties
Do you think you have what it takes to work as an adjuster? This can be a high-pressure job, which requires a lot of diligence, plenty of patience, and the ability to negotiate. Below, you’ll learn about the duties carried out by adjusters.
- Research and investigate the specific events revolving around insurance claims
- Determine whether or not the claim is legitimate and valid
- Inspect the damaged property, whether it is an automobile, home or other type of property
- Consult with accident witnesses, claimants, doctors, and anyone else, who may have relevant information regarding the claim
- Scour through countless reports and records
- Figure out precisely how much of the losses and damages will be covered by the claimant’s insurance policy
- Attempt to negotiate all claims to satisfactory settlements
- Finalize and submit adjustment reports
The duties of an adjuster are truly immense and this can place a great deal of responsibility onto the adjuster. This is why the government of Canada requires that all adjusters maintain a valid Adjuster’s Bond.
Adjuster Employment Requirements
Canadian laws differ than American and European, when it comes to adjuster employment requirements. The individual must have attended a post-secondary institute and obtained a bachelor’s degree or college degree. In some instances, only a partial post-secondary education is required and if you have any questions regarding this requirement, be sure to contact local government entity or visit the official Government of Canada website.
You are also required to complete insurance industry and 2-3 years of on-the-job training courses. If you have experience working in an insurance claims department, you may very well be exempted from the post-secondary education requirement, but again research this, before just assuming.
One last requirement, you must hold a valid provincial licensure from the Superintendent of Insurance, in the territory, where you plan on working.
Why Is The Adjuster Bond Required?
As someone, who wishes to become an adjuster, you will need to get bonded. This cannot be ignored! The Canadian government requires the bond, in order to protect those working with the adjuster. If the adjuster fails to perform their duties and doesn’t abide by the associated statues, a claim can be filed against the bond. For instance, the adjuster may have a claim filed against them, if they attempt to charge fees, which were not initially agreed upon. Suffice to say, the adjuster bond helps to keep the professional in line, while protecting everyone they do business with.
Do All Adjusters Need A License?
If you’re contemplating the adjuster career path, you should first learn about the licensing requirements. The good news is that not all adjusters will need to acquire a license. First, you should know that the specific laws, which regulate adjusters, vary from province to province. Second, it is vital to know that some adjusters do not need a license. If you’re employed by an insurer and working as an adjuster, you do not need a license! However, if you do not fit these classifications, you will need to acquire the bond and license, before you’ll be able to work legally within Canada.
Adjuster Bond Application Process
Those that are interested in working as an adjuster will want to acquire the bond immediately. This will help to remove one hurdle out of the way, so you can focus on getting the job and performing your duties to the best of your abilities. The good news is that the application process is straightforward and uncomplicated. By following through with our simplistic online application, you will be one step closer to acquiring your bond. Once you’ve been approved and agree to the quoted fee, you will want to go ahead and sign the indemnity agreement. Once you’ve made the initial payment, the bond will be shipped to the address you provided.
Once you’ve finally managed to acquire the bond, you will also need to complete a few additional tasks, before you’ll be able to become an independent or public adjuster. However, you should remember that the specific requirements could vary depending on your province. Under the Insurance Act, you will need to complete the following tasks, in order to acquire your Insurance Adjuster license.
- Complete the Insurance Adjuster application
- Submit all supporting documents and also pay the required $75 fee
- Familiarize yourself with the laws regarding the licensing procedures for adjusters
- Get sponsored by a legitimate adjusting company
Once you’ve completed these steps, you will be able to get officially licensed and will be able to start looking for adjuster jobs in your area.
Once you are bonded and licensed in Canada, you are always going to be at risk of fraudulent claims. If at any time, a client feels that you have wronged them in some way, they have the right to file a claim with the surety bond company. If you find yourself battling the type of legality, it is important to remain calm and keep an open door of communication with the agency. You will always have the right to request information and monitor the progress of the claim.
Actually, it looks better on your part, if you are communicative and willing to answer all questions that may be asked, even though you feel that they are irrelative.
Get Bonded Now
If you’re interested in becoming an insurance adjuster, you’ll first need to get bonded. By utilizing our services, you will be able to do just that. The best aspect of all is that our company offers some of the lowest rates in the industry. Now, you should begin filling out the associated application, so you can move ahead rapidly.
Other types of license bonds that we offer:
- Alcohol Bond – Protects the government in the event tax and fees are not paid by businesses.
- Auctioneer Bond – Protects the customer against misrepresented auctioned items.
- Bailiff Bond – Required by a bailiff before employment begins and protects victims of misconduct.
- Collection Agency Bond – Guarantees ethical use of sensitive client information by agencies.
- Consumer Protection Bond – Protects clients from unauthorized use of their information.
- Direct Sellers Bond – Protects the customer that incurs damages as a result of a direct seller.
- Debt Repayment Bond – Protects customers from fraud or misconduct by debt repayment agencies
- Gas Bond – Required by gas installers or gas equipment installers before beginning work.
- Freight Broker Bond – Required by freight brokers before they can accept any orders.
- Home Inspector Bond – Required by home inspectors before conducting inspections.
- Immigration License Bond – Required by immigration consultants before beginning work.
- Livestock Dealer Bond – Required by dealers before buying, selling, and bidding on livestock.
- Mortgage Broker Bond – Ensurers that agents are compliant with provincial regulations and acts.
- Payday Lender Bond – Protects customers from fraud or wrong doings by payday lenders.
- Private Investigator Bond – Required by investigators & employees of the agency before working.
- Real Estate Broker Bond – May be required by realtors along with licensing.
- Telemarketing Bond – Protects customers from frauds and misconduct by telemarketers.
- Travel Agency Bond – Required by travel agencies before working with the public.