Indiana § 27-1-27-18 - If insurer pays policy limit within five business days

§ 27-1-27-18. If insurer pays policy limit within five business days

Sec. 18. (a) This section applies notwithstanding the terms of a written contract between an insured and a public adjuster.

(b) If the insurer, not more than five (5) business days after the date on which the insured's loss is reported to the insurer, either pays or commits in writing to pay to the insured the policy limit of the insurance policy covering the insured:

(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.