§ 27-1-27-14 — Disclosure document to be provided before contract is entered into

Indiana § 27-1-27-14

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 27: Public Adjusters

Text

(a) Before an insured enters into a contract
with a public adjuster, the public adjuster shall provide to the insured
a separate signed and dated disclosure document that states the
following:
"Property insurance policies obligate the insured to present a
claim to his or her insurer for the insurer's consideration. There
are three (3) types of adjusters that could be involved in that
process. Here are definitions of the three (3) types of adjusters:
"Company adjuster" means an insurance adjuster who is an
employee of an insurer, who represents the interests of the
insurer, and who is paid by the insurer. A company adjuster will
not charge the insured a fee.
"Independent adjuster" means an insurance adjuster who is
hired on a contract basis by an insurer to represent the insurer's
interest in the settlement of a claim and who is paid by the
insurer. An independent adjuster will not charge the insured a
fee.
"Public adjuster" means an insurance adjuster who does not
work for any insurer. A public adjuster represents the insured
to assist in the preparation, presentation, and settlement of the
insured's claim. The insured hires a public adjuster by signing
a contract under which the insured agrees to pay the public
adjuster a fee or commission based on a percentage of the
amount paid by the insurer in settlement of the insured's claim
or based on some other method of compensation.".

Legislative History

As added by P.L.226-2023, SEC.9.