Illinois Administrative Code
Title 50 - INSURANCE
Part 3118 - LICENSING OF PUBLIC ADJUSTERS
Section 3118.80 - Contract Between Public Adjuster and Insured
Universal Citation: 50 IL Admin Code ยง 3118.80
Current through Register Vol. 48, No. 12, March 22, 2024
a) Each public adjuster shall file with and secure the approval of the Director of each contract before it is used in the State of Illinois.
b) Each contract form filing submitted for approval must include provisions required by Section 1575 of the Code and must be consistent with the provisions of Article XLV of the Code. Contract form filings must include:
1) The names and license numbers of the
public adjusters making the filing;
2) Notification as to whether the filing is
new or supersedes a current filing. Identification of all changes in all
superseding filings, as well as identification of all superseded forms, is
required; and
3) The effective date
of use.
c) All contracts must contain the following and be formatted in no less than 10-point font:
1)
Legible full name of the
person signing the contract, as specified in the Department
records;
2) Form number
and edition of the form must appear in the lower left-hand corner of the
contract form to be approved;
3)
Effective date of use;
4)
Permanent home state business address, email address,
and phone number;
5)
License number or space
for indicating the license number if more than one public adjuster will be
using the contract;
6) The
title "Public Adjuster Contract" printed at the head of the
contract form with the name of the public adjuster or the public adjuster
business entity and the location and telephone number of the public adjuster's
principal place of business. Unless located in a rural area that does not use a
street address, P.O. Box addresses are not permitted unless the street address
is also included;
7) A place to
list the insured's full name, street address, insurance company name,
and policy number, if known or upon notification;
8) A description of the loss and its
location;
9) A
description of services to be provided to the
insured;
10) A place for
the signatures of the public adjuster and the
insured;
11) A place for
the date, time and location the
contract was signed by the public adjuster and date, time and location
the contract was signed by the insured;
12)
Attestation language stating that
the public adjuster is fully bonded pursuant to State law;
13) Disclosure of full salary, fee,
commission, compensation or other considerations the public adjuster is to
receive for services; [215 ILCS
5/1575(a) ]
14) Notice that the written contract shall
constitute the entire agreement between the public adjuster and the
insured;
15) Notice that,
at the option of the insured, any such contract shall be voidable for 5
days after execution, except when notice is required by the Fire
Damage Representation Agreement Act [815 ILCS 625
]. The insured may void the contract by notifying the public insurance
adjuster in writing by:
A)
registered or certified mail, return receipt requested, to the address
shown on the contract with a postmark date within 5 days of execution of the
contract; or
B)
personally serving the notice on the public insurance
adjuster; [215 ILCS
5/1575(j) ]
16) Notice as required by the Fire Damage
Representation Agreement Act [815 ILCS 625 ];
17) Notice that, if not later than 5 business
days after the date of the loss is reported to the insurer, the insurer either
pays or commits in writing to pay the policy limit, the public adjuster shall
not receive a commission but only reasonable compensation for services
provided.
18) Attestation language
stating that the public adjuster who signed the contract is the public adjuster
who solicited the public adjuster business.
Disclaimer: These regulations may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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