Acts or aid, only in relation to own claims that arise under insurance contracts that insure the insured's real or personal property. Paraphrasing North Carolina Statute 58-33A-5, a public appraiser is a person who helps policyholders file claims against policies that cover their real or personal property and negotiates with airlines to ensure that the insured receive the highest possible payments. In short, a bond is a type of insurance that protects the public if the adjuster breaks the licensing law. All North Carolina public appraiser licenses expire on March 31 of each year and must be renewed before the expiration date.
B) The contract may specify that the public appraiser will be appointed as a co-payer in the payment of a claim by the insurer. The North Carolina legislature enacted the licensing requirement to ensure that adjusters practice ethical business practices. Specifically, the bond protects the public if the adjuster engages in any act of fraud or misrepresentation. North Carolina requires public appraisers to purchase a bond as part of the application process for a business license.
North Carolina requires public appraisers to purchase a bond as a prerequisite for obtaining a business license. Visit the North Carolina State Insurance Commissioner's Office website regularly to find any rules, regulations, or other updates they may have published that are specific to the disaster. Because the bond is considered relatively low-risk, the same low rate is offered to all public appraisers in North Carolina, regardless of their credit history. The bond ensures that the public receives compensation for financial damages if the adjuster fails to comply with the regulations described in North Carolina Statute 58-33A-50.
Unlike insurance agents, public appraisers don't need to complete any type of pre-licensed education to get a license in North Carolina. H) The public appraiser shall provide the insurer with a notification letter, signed by the insured, authorizing the public appraiser to represent the interests of the insured. Public appraisers: A qualified public appraiser can assess your losses, manage the day-to-day aspects of your claim, and negotiate a settlement on your behalf. North Carolina does not require public appraisers to purchase any type of liability insurance as a prerequisite for obtaining a business license.
J) If the insured person exercises the right to terminate the contract, any amount of value delivered by the insured under the contract will be returned to the insured within 15 business days of the receipt by the public appraiser of the notice of cancellation.