P.R. Laws tit. 26, § 952a
(1) Prior to the granting of a license as public adjuster, the applicant shall post with the Commissioner and thereafter maintain in effect for the duration of the license, a bond in favor of the Commonwealth of Puerto Rico, issued by a surety insurer authorized by the Commissioner, for an amount of not less than ten thousand dollars ($10,000).
(2) The bond shall be continuous in its form and not be subject to cancellation unless a written notice is presented sixty (60) days prior to its cancellation. Every public adjuster bond shall be effective by the date of effectiveness of the license. If more than once person appears in the license as adjuster issued to any partnership or corporation, the bond must be increase in the sum required by the Commissioner, but the same shall not be less than ten thousand dollars ($10,000) multiplied by the number of persons designated in the license. The bond shall be subject to having the adjuster present to the claimant, whose claim he/she is transacting, due account of money or of any payment received in relation thereto. The bond shall also cover any claim arising from professional negligence.
(3) Any natural or juridical person authorized by the Commissioner as emergency public adjuster must post, together with the application for the special permit, and thereafter maintain while the permit is in effect, a bond in favor of the Commonwealth of Puerto Rico subscribed by an authorized surety insurer, for the amount determined by the Commissioner through rule, regulation or administrative order or determination.
(4) In lieu of the bond, the emergency public adjuster may present a professional liability policy issued by an authorized insurer, which shall be for an amount equal to or greater than the amount of the bond and the same shall be subject to the approval of the Commissioner.
History —Ins. Code, added as § 9.320 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.