TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE
SUBCHAPTER ii: INSURANCE PRODUCERS, LIMITED INSURANCE REPRESENTATIVES AND BUSINESS ENTITIES
PART 3118 LICENSING OF PUBLIC ADJUSTERS
SECTION 3118.85 CLIENT DISCLOSURE


 

Section 3118.85  Client Disclosure

 

If the client of the public adjuster chooses either a board up company, contractor or any other vendor in which the public adjuster, or its employees, agents or assigns, has or receives any ownership, beneficial or equitable interest in that ownership, then the nature of that ownership or interest must be disclosed to the public adjuster's client in writing prior to  execution of any contract between the public adjuster's client and any entity in which the public adjuster has ownership or beneficial or equitable interest. The disclosure must contain, at a minimum, the following wording in 10 point font:

 

"In addition to the amount you will pay your public adjuster for loss settlement, [public adjuster name] will receive an additional payment from [contractor or vendor name] because of your agreement to work with that company.  [Public adjuster name] has an arrangement with [contractor or vendor name] whereby [contractor vendor name] agrees to pay [public adjuster name] if you agree to have [contractor or vendor] complete work for you.  You are not required to use any person recommended to you by the public adjuster and may choose any contractor or vendor you so choose."

 

(Source:  Amended at 39 Ill. Reg. 1528, effective January 9, 2015)