New York passed an act—Act 5775—on January 1, 2014 that
affects public adjusters, including public property claims adjuster professionals. The act prohibits any public adjuster from receiving a referral
fee for his or her services. Furthermore, the act disallows public property
claims adjuster professionals from having any kind of ownership interest in any
companies, specifically restoration companies or repair companies, that are
working on the claim at hand. The only allowed exception to this rule is when
any compensation or relationship between the adjuster and the organization is
fully disclosed and approved of by all parties.
Acts like this one are good steps toward ensuring that all
public claims are handled fairly and justly, but you won’t need the protection
of a formal act when you choose to entrust your business’ needs to the most
trustworthy, reputable company around: HC Adjusters.
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