Indiana Code 27-1-27-16. Contents required in contract between public adjuster and insured
(1) The legible full name of the public adjuster entering into the contract, as specified in the records of the department.
Terms Used In Indiana Code 27-1-27-16
- certificate of authority: means an instrument in writing issued by the department to an insurer, which sets out the authority of such insurer to engage in the business of insurance or activities connected therewith. See Indiana Code 27-1-2-3
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Contract: A legal written agreement that becomes binding when signed.
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- 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
(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.
As added by P.L.226-2023, SEC.11.