Utah Admin. Code R590-274-7 - Required Disclosures
(1) The following
separate disclosures shall be located on the signature page of the contract in
no smaller than 12-point boldface type:
(a)
"WE REPRESENT THE INSURED ONLY";
(b) "THIS CONTRACT MAY BE RESCINDED IN
WRITING WITHIN 10 DAYS OF ENTERING INTO THE CONTRACT"; and
(c) "YOU ARE ENTERING INTO A CONTRACT OF
SERVICE. YOU ARE BEING CHARGED A FEE FOR THIS SERVICE. YOU DO NOT HAVE TO ENTER
INTO THIS CONTRACT TO MAKE A CLAIM FOR LOSS OR DAMAGE ON A POLICY OF
INSURANCE."
(2) A
contract shall contain the following statements in substantially the following
form:
(a) A public adjuster may not
participate directly or indirectly in the reconstruction, repair, or
restoration of damaged property, or engage in any other activities that may
reasonably be construed as presenting a conflict of interest, including
soliciting or accepting any remuneration from, or having a financial interest
in, any salvage firm, construction firm, repair firm, or other firm that
obtains business in connection with any claim the public insurance adjuster has
a contract or agreement to adjust.
(b) A public adjuster may not act on behalf
of an attorney by having you sign an attorney representation
agreement.
(c) A public adjuster
cannot require you to sign a power of attorney.
(d) A public adjuster cannot require you to
refuse to work with your insurer.
(e) Your insurance policy requires you to
cooperate with your insurer to settle your claim.
(f) IMPORTANT NOTICE: You may contact the
Utah Insurance Department to verify that the public adjuster is licensed to do
business in Utah, what your rights are as a consumer, or for information about
filing a complaint, by calling 801-957-9305 or toll free at 800-439-3805, or by
visiting the department's website, https://insurance.utah.gov.
(g) A public adjuster may not enter into a
contract with an insured and collect compensation as provided in the contract
without actually performing the service customarily provided by a licensed
public adjuster for the insured.
(3)
(a) A
public adjuster shall contain the following compensation disclosures in a clear
and prominent statement:
(i) if an hourly
rate, the contract shall state the hourly rate and how it will be applied to
hours of service provided by the public adjuster to calculate the amount
payable;
(ii) if a flat fee, the
contract shall state the amount payable to the public adjuster;
(iii) if a percentage, the contract shall
state the exact percentage that will be applied to the settlement of the claim
to calculate the amount payable to the public insurance adjuster; or
(iv) if another method of calculation is
chosen, the contract shall include a detailed explanation of how the amount
payable will be determined based on service provided by the public
adjuster.
(b) A public
adjuster may not receive compensation for referring the insured to a particular
attorney, appraiser, umpire, construction company, contractor, repair firm, or
salvage company.
(c) A public
adjuster may not receive compensation for a claim if the insurer pays or
commits in writing to pay the policy limits within 72 hours of the loss
report.
(d)
(i) Except for direct payment of compensation
by the insured, any draft or check shall include the insured as a payee and
shall require the written signature or endorsement of the insured.
(ii) A public adjuster may not sign or
endorse any payment draft or check on behalf of the insured.
(e) A public adjuster may not
enter into a contract with an insured or collect compensation as provided in
the contract without performing the service customarily provided by a licensed
public adjuster for the insured.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.