It allows you to collect the percentage fee from the public appraiser when an insurance company owes money but is not paid, or it allows a public appraiser to do so. Unlike insurance agents, public appraisers don't need to complete any type of pre-licensed education to get a license in North Carolina. J) A public appraiser cannot accept any loss agreement without the knowledge and consent of the insured. G) The public appraiser shall disclose to the insured if the public appraiser has any interest or will receive compensation from any construction company, rescue company, building valuation company, motor vehicle repair shop, or any other company that performs work related to the damage caused by the insured loss.
B) A public appraiser shall not solicit or attempt to solicit an insured during the course of an event that generates losses, as defined in the insured's insurance contract. The public appraiser will not enter into a contract or accept a power of attorney that gives the public appraiser the effective authority to choose the people who will perform the repair work. North Carolina does not require public appraisers to purchase any type of liability insurance as a prerequisite for obtaining a business license. North Carolina law 58-33A-10 requires all public appraisers operating in the state to obtain a license from the Department of Insurance.
All North Carolina public appraiser licenses expire on March 31 of each year and must be renewed before the expiration date. A) The public appraiser, by virtue of his license, will serve with objectivity and total loyalty only to the interests of his client and will provide the insured with information, advice and service, according to the knowledge, understanding and opinion of the licensee, that best suits the needs and interests of the insured in terms of insurance claims. Specifically, the bond protects the public if the adjuster engages in any act of fraud or misrepresentation. License Period: All North Carolina public adjuster licenses expire on March 31 of each year and must be renewed before the expiration date.
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 North Carolina legislature enacted the licensing requirement to ensure that adjusters practice ethical business practices. 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. The bond requires the signature of both the guarantee company issuing the bond and the public appraiser.
No public appraiser, although authorized by the Department, can represent or act as the company's appraiser or independent appraiser in the same claim.
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