Terms Used In Louisiana Revised Statutes 22:1703

  • Contract: A legal written agreement that becomes binding when signed.
  • Person: means an individual or a business entity. See Louisiana Revised Statutes 22:1692
  • Public adjuster: means any person who, for any compensation, direct or indirect, engages in public adjusting. See Louisiana Revised Statutes 22:1692
  • Public adjusting: means either of the following:

    (a)  Investigating, appraising, or evaluating and reporting to an insured in relation to a first-party claim for which coverage is provided by an insurance contract that insures the property of the insured. See Louisiana Revised Statutes 22:1692

A.  A public adjuster may charge the insured a reasonable fee.  A public adjuster shall not solicit for or enter into any contract or arrangement between an insured and a public adjuster which provides for payment of a fee to the public adjuster which is contingent upon, or calculated as a percentage of, the amount of any claim or claims paid to or on behalf of an insured by the insurer and any such contract shall be against public policy and is null and void.

B.  A public adjuster shall not pay a commission, service fee, or other valuable consideration to another for public adjusting in this state if that person is required to be licensed under this Part and is not so licensed.

C.  A person shall not accept a commission, service fee, or other valuable consideration for public adjusting in this state if that person is required to be licensed under this Part and is not so licensed.

Acts 2006, No. 806, §1; Redesignated from La. Rev. Stat. 22:1210.103 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.