New Jersey S1320 mandates specific information in contracts with licensed public adjusters.
New Jersey S1320 requires that contracts with licensed public adjusters include certain information. The contract must state the license number of the public adjuster and the company, if applicable. It must also clearly define the services to be rendered, the compensation amount, and the insured's right to cancel. The contract must meet minimum standards set by the bill. The insured has the right to cancel the contract within three business days without penalty. The bill also removes the requirement for an interest-bearing escrow account for settlement moneys held by public adjusters.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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