19 Miss. Code. R. 1-36.14

Current through December 10, 2024

Rule 19-1-36.14 - Exhibit B- Public Adjuster Contract

PUBLIC ADJUSTER CONTRACT

The contract must be in writing and contain the following:

A. Name and address of the adjuster and the insured;

B. The home state of the adjuster;

C. MS Department of Insurance license number;

D. Insured's insurance company and policy number;

E. Description of the loss and services to be provided to the insured;

F. Signatures of the public adjuster and the insured;

G. If public adjuster is a business entity, the designated licensed public adjuster must sign the contract;

H. Date the contract was signed;

I. Notice to the insured that they may cancel the contract within five (5) business days.

The following language should be used:

"You may cancel this contract at any time prior to midnight of the fifth business days after the date this contract was signed. If you decide to cancel this contract, you will be liable for reasonable and necessary emergency out-of-pocket expenses or services which were paid for in incurred by the public adjuster to protect the interest of the insured during the period preceding cancellation.

If you cancel this contract, anything of value given by you under this contract shall be returned to you within fifteen (15) business days following the receipt by the public adjuster of your cancellation notice, and any security interest arising out of the contract will be cancelled. To cancel this contract, mail, fax or deliver in person a signed and dated written notice indicating your intent to cancel this contract to (name of public adjuster) at (business address)."

J. An attestation the public adjuster is fully bonded or insured, along with a copy of the bond or errors and omissions coverage policy;

K. Specify the amount of the public adjuster's contingency fee, not to exceed 10% of monies recovered under claim. The contract must clearly state if the contingency fee shall be based upon amounts the insured previously received from the insurer for the particular claim and, if so, that provision must be initialed by the insured; and,

L. State what type of out-of-pocket expenses public adjuster would be entitled to, if any, and dollar estimates.

A copy of the executed contract must be given to the insured.

19 Miss. Code. R. 1-36.14

Miss. Code Ann. §§ 83-5-1; 83-17-519 (Rev. 2011)