Some states seem to be indicating that public adjusters act as fiduciaries for their policyholder clients. For example, Kentucky states that all adjusters “shall act in a fiduciary capacity on behalf of his or her principal.”1 Florida case law refers to public adjusters as a fiduciary.2 I made reference to the apparent fiduciary capacity being placed upon public adjusters at a recent public adjuster ethics presentation I made in California at the CAPIA Annual meeting. Many public adjusters might wonder—“What does it mean to act as a fiduciary?”
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