§ 27-1-27-16 — Contents required in contract between public adjuster and insured

Indiana § 27-1-27-16

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

Text

(a) A public adjuster shall ensure that a
contract between the public adjuster and an insured is in writing and
contains the following:
(1) The legible full name of the public adjuster entering into the
contract, as specified in the records of the department.
(2) The permanent home state business address, electronic mail
address, and phone number of the public adjuster.
(3) The number of the certificate of authority issued to the public
adjuster under section 3 of this chapter.
(4) The title "Public Adjuster Contract" printed prominently at the
top of the first page of the contract.
(5) The:
(A) full name and street address of the insured; and
(B) the name of the insurance company by which the insured is
covered and the policy number of the policy under which the
insured is covered, if known.
(6) A description of the loss and the location of the loss, if
applicable.
(7) A description of services to be provided by the public adjuster
to the insured under the contract.
(8) The signatures of:
(A) the public adjuster or the public adjuster's authorized
representative; and
(B) the insured.
(9) The date and time when the contract was signed by the public
adjuster and the date and time when the contract was signed by
the insured.
(10) Attestation language stating that the public adjuster is fully
bonded under Indiana law.
(11) A statement of the full salary, fee, commission,
compensation, or other consideration the public adjuster is to
receive for services to be provided under the contract.
(b) A contract between the public adjuster and an insured may
specify that the public adjuster is to be named as a co-payee on an
insurer's payment of a claim.
(c) If a public adjuster's compensation under a contract between the
public adjuster and an insured is to be based on a share of the total
amount paid by the insurer to resolve the insured's claim, the contract
must specify the exact percentage of the total amount paid by the
insurer that is the public adjuster's share.
(d) If, under a contract between a public adjuster and an insured, the
public adjuster's expenses are to be reimbursed to the public adjuster
from the proceeds of the claim payment, the contract:
(1) must specify the public adjuster's expenses that are to be
reimbursed, setting forth:
(A) each type of expense to be reimbursed; and
(B) dollar estimates of the amount to be reimbursed; and
(2) must provide that the public adjuster will not be reimbursed
for any expenses other than those specified under subdivision (1)
unless those expenses are first approved by the insured.
(e) The provisions of a contract between a public adjuster and an
insured pertaining to the compensation of the public adjuster shall not
be redacted in any copy of the contract that is provided to the insurance
commissioner.

Legislative History

As added by P.L.226-2023, SEC.11.