Sec. 18. (a) This section applies notwithstanding the terms of a written
contract between an insured and a public adjuster.
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Terms Used In Indiana Code 27-1-27-18
- Contract: A legal written agreement that becomes binding when signed.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
(1) the public adjuster shall not receive a commission consisting of or based on a percentage of the total amount paid by the insurer to resolve the claim of the insured;
(2) the public adjuster shall inform the insured that the loss recovery amount might not be increased by the insurer; and
(3) the public adjuster is entitled only to reasonable compensation from the insured for services provided by the public adjuster on behalf of the insured, based on:
(A) the time spent by the public adjuster on the claim; and
(B) the expenses incurred by the public adjuster before the claim is paid or the insured receives a written commitment from the insurer to pay the claim.
As added by P.L.226-2023, SEC.13.
