Wisconsin Statutes 629.05 – Compensation
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Terms Used In Wisconsin Statutes 629.05
- Contract: A legal written agreement that becomes binding when signed.
- in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
(1) In this section, “catastrophic disaster” means an event for which the president of the United States or the governor has declared a state of emergency.
(2) The contract under s. 629.04 shall clearly disclose the compensation the public adjuster is to receive from the insured.
(3) If an insurer pays, or commits in writing to pay, the policy limit no later than 5 business days after the date the loss is reported to the insurer, the only compensation a public adjuster may receive from the insured shall be compensation at a reasonable hourly rate for the time spent on the claim.
(4) A public adjuster may not demand compensation from the insured prior to the insured receiving payment from the insurer.
(5) If an insurer pays a claim in installments, the public adjuster shall receive the compensation in equal amounts prorated over the number of checks issued by the insurer and may not demand to be paid entirely from the first check issued.
(6) A public adjuster may not receive compensation in excess of 10 percent of an insured’s actual recovery under the insurance policy if the claim is due to a catastrophic disaster.