How long must a public adjuster retain a written estimate of loss?

The requirement for a public adjuster to retain a written estimate of loss for a minimum of five years is aligned with the regulations set by the Florida Department of Financial Services. This retention period ensures that all relevant documentation is available for review or reference if needed. Retaining records, such as written estimates, is crucial for maintaining transparency and for defending against any potential disputes that may arise regarding the adjustment of claims or the amount of loss evaluated.

The five-year period strikes a balance between reasonable retention for potential inquiries and the practicality of record-keeping in a profession that may deal with numerous cases over time. This timeframe allows both the public adjuster and clients to have access to important information that substantiates the evaluation of the loss during that period, thereby enhancing accountability and trust in the claims handling process.