Indiana Code 27-1-27-15. Prohibited contract provisions
(1) If the public adjuster is to receive as compensation a percentage of the total amount paid by the insurer to resolve the insured’s claim, a contract term that would:
Terms Used In Indiana Code 27-1-27-15
- Contract: A legal written agreement that becomes binding when signed.
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(B) allow the public adjuster to collect the public adjuster’s entire compensation from the first payment by the insurer if the insurer will pay the total amount to resolve the insured’s claim in two (2) or more payments.
(2) A contract term that would require the insured to authorize an insurer to issue a check only in the name of the public adjuster.
(3) A contract term that would preclude the public adjuster or the insured from pursuing civil remedies.
(4) A contract term that would preclude the public adjuster’s liability to the insured for the public adjuster’s negligence.
(5) A contract term that would allow the public adjuster to perform the role of roofing contractor, appraiser, or any role other than that of rendering advice or assistance to the insured in the adjustment of a claim.
(6) A contract term that would give the public adjuster power of attorney to act in the place of and instead of the insured.
As added by P.L.226-2023, SEC.10.