Do Officers Have A Fiduciary Duty?

Do you know who must act like a careful helper when money, property, or promises matter?

Do Officers Have A Fiduciary Duty?

You will read a clear answer here. You will learn what a fiduciary duty is. You will learn who must follow it. You will see how this matters for insurance claims in Florida. You will learn how a public adjuster can help you after property damage. You will see why Otero Property Adjusting & Appraisals can help you get paid.

Check out the Do Officers Have A Fiduciary Duty? here.

What is a fiduciary duty?

A fiduciary duty is a duty to act in another person’s best interest. A person who owes the duty must put the other person first. The person must not take secret profits. The person must not hurt the other person to help themselves.

Think of it this way. You lend a friend your toy. They must take care of it. They must give it back. They must not sell the toy and keep the money. That is a simple example of a fiduciary duty.

The main parts of fiduciary duty

You will find two main parts in most fiduciary duties. Each part keeps the other person safe.

  • Duty of care. You must act with care. You must think and check before you act.
  • Duty of loyalty. You must be loyal. You must not make deals that hurt the person you help.

Some guides add a duty to disclose. That means you must tell the person facts they need to know.

Who are “officers”?

An officer is a person who runs a company or a group. A president, a treasurer, or a chief operating officer are officers. They make choices for the company. They sign papers for the company. They often talk to banks and lawyers for the company.

In insurance work, you will see other kinds of officers. An adjuster company may have officers. An insurance company may have officers. A public adjuster may work alone or with a small company that has officers.

Two groups you must know about

You must tell two groups apart. They follow different rules.

  • Corporate officers. These people run a company. They often owe duties to the company and its owners.
  • Adjusters and public adjusters. These people handle claims. They may owe duties to the insured person or to the insurer, depending on their job.

Do corporate officers owe a fiduciary duty?

Yes. Corporate officers often owe a fiduciary duty to the company. They must care for the company. They must not put their own interests above the company’s interests. They must not use the company for their private gain without permission.

You must know that the company is the main client. The officers must protect the company’s money and property. If officers hurt the company on purpose, the owners can sue them.

Do officers at insurance companies have a fiduciary duty?

Yes, in many ways. Officers at insurance companies must act in good faith. They must follow law and rules. They must keep the insurer’s money safe. They must not steal or hide money.

You must also know that insurance companies have many rules to follow. These rules aim to protect policyholders and the public. Officers must follow these rules or face penalties.

What about public adjusters and loss adjusters?

A public adjuster works for you. You hire a public adjuster to help with your claim. The public adjuster acts as your agent. The public adjuster usually must act in your best interest.

A loss adjuster or an independent adjuster often works for the insurance company. They adjust the claim for the insurer. They must be fair and follow law. They do not work for you unless you hire them.

In Florida, licensed public adjusters must act honestly and fairly for the property owner. They must avoid conflicts of interest. They must handle claim money correctly. They must give you clear written agreements. They must not take money secretly.

How does Florida law treat public adjusters?

Florida requires public adjusters to have a license. The license needs training and background checks. The law sets rules for how public adjusters must act.

You will see rules about contracts. You will see rules about filing claims. You will see rules about fees. You will see rules about how to hold money that belongs to you.

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If a public adjuster breaks the rules, Florida can fine the adjuster. Florida can cancel the adjuster’s license. You can file a complaint with the state. You can also sue the adjuster in court.

Table: Quick comparison of duties

Role Who they work for Main duty
Corporate officer The company Protect company interests
Insurance company officer The insurer Follow law, protect insurer funds
Public adjuster You (the insured) Act in your best interest
Independent adjuster The insurer Adjust claims for the insurer

How a fiduciary duty looks in a real claim

You will see what a fiduciary duty looks like in a claim. Here are simple steps.

  1. You call your insurance company after a storm.
  2. You hire a public adjuster to help you.
  3. The public adjuster inspects your damage.
  4. The public adjuster writes an estimate and files the claim for you.
  5. The public adjuster talks to the insurance company on your behalf.
  6. The public adjuster asks for fair pay for repairs.
  7. You get paid what you need to fix your home.

In this story, the public adjuster chose you over anyone else. The adjuster told you all important facts. The adjuster told you about fees and steps. That is what a fiduciary duty looks like.

Signs an officer or adjuster breaks a fiduciary duty

You will want to watch for red flags. These signs may show a breach of duty.

  • The person hides money or documents from you.
  • The person makes secret deals that benefit them.
  • The person refuses to give you copies of estimates or reports.
  • The person charges fees you did not agree to.
  • The person uses your claim money for other things.
  • The person tells lies or misleads you about the claim.

If you see these signs, you should act. You can file a complaint with Florida. You can hire a lawyer. You can change adjusters.

What remedies can you get in Florida?

If an officer or adjuster breaks a duty, you can seek help. Here are common actions you can take.

  • File a complaint with the Florida Department of Financial Services or the state licensing board.
  • Sue for damages in civil court.
  • Seek return of money that was taken.
  • Ask for license revocation or fines by the state.
  • Seek a court order to stop the bad action.

You will need evidence. Keep all papers and photos. Write down phone calls and events. You may need a lawyer or a good public adjuster to help you make a claim.

How a public adjuster protects you

A good public adjuster will protect your rights. The adjuster will find damage you might miss. The adjuster will create a clear estimate. The adjuster will use photos and documents. The adjuster will argue with the insurer for full pay.

You will not have to feel alone. The adjuster will speak for you. The adjuster knows Florida rules. The adjuster can spot bad faith by the insurance company. The adjuster can file complaints or take legal steps if needed.

How to hire a good public adjuster in Florida

You will find many people who call themselves adjusters. You must choose one wisely. Follow these steps.

  1. Check the license. Ask for the license number and verify it with Florida.
  2. Ask about fees. Most public adjusters work on contingency. That means they get paid only if you get money. Ask the exact percent and any other cost.
  3. Ask for references. Talk to people who used the adjuster.
  4. Ask for a written contract. The contract must state fees and work to be done.
  5. Ask if the adjuster is bonded and insured. This protects you.
  6. Ask how the adjuster will handle your claim. Ask for a plan.
  7. Ask about timelines. Know how long the adjuster thinks the process will take.

Why read the contract carefully?

The contract tells you what the adjuster will do. The contract tells you how the adjuster gets paid. The contract can protect you from surprises.

You must know if the adjuster will sub out work. You must know who will sign papers. You must keep copies of every document. If you sign too fast, you may lose rights. Take time to read and ask questions.

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Table: Common public adjuster fee models

Fee model What it means What you should ask
Contingency percent The adjuster takes a percent of what you recover Ask the exact percent and what counts as recoveries
Flat fee One fixed fee no matter recovery Ask what services the fee covers
Hourly You pay by the hour Ask for estimate of hours and maximum cost
Sliding scale Percent changes by amount recovered Ask for exact schedule and caps

Duties you should expect from your public adjuster

You should expect these duties when you hire a public adjuster in Florida.

  • Full honesty. The adjuster must tell you the truth.
  • Clear communication. The adjuster must keep you informed.
  • Written estimates. The adjuster must document damage and estimates.
  • Timely action. The adjuster must act so the claim moves.
  • No secret deals. The adjuster must not make deals that benefit them at your expense.
  • Proper handling of money. The adjuster must never take your money and use it wrongly.

If your adjuster fails in these, you have options. You can stop work and seek another adjuster. You can file a complaint. You can take legal steps.

Stories that teach you

You will like short stories. They help you see the point.

Story 1: The storm and the roof
You find out your roof leaks after a storm. You call your insurer. The insurer sends an adjuster who works for the company. You worry the company will pay less. You hire a public adjuster. The adjuster checks the roof. The adjuster finds hidden damage and missing shingles. The adjuster files a strong claim. The insurance company pays more. You use the money to fix the roof. The public adjuster charged a percent, but you end up with more money than if you had no help.

Story 2: The secret offer
An officer at a small contractor company offers you a repair deal. The officer says he will give you a good price if you let him handle your claim too. He says he will take a cut from the claim money. He never puts this in writing. You agree. Later you learn the officer used claim money to buy tools and did not finish the repair. You see the warning signs of a breach of duty. You call a public adjuster and file a complaint. You get help to fix your home and recover missing money.

These stories show you how a faithful helper can help and how a bad actor can hurt.

How to document your claim and protect yourself

You must build a record. A record helps you prove your claim and protect against breaches.

  • Take photos and videos of the damage.
  • Keep all receipts for repairs or emergency fixes.
  • Keep copies of every estimate and letter.
  • Write down dates, times, and the names of people you spoke to.
  • Keep the contract with your adjuster in a safe place.
  • Back up your files in the cloud or with printed copies.

These steps help you later if you must file a complaint or sue.

How Otero Property Adjusting & Appraisals can help you in Florida

You will want a firm that works for you. Otero Property Adjusting & Appraisals in Pensacola, FL can help. They work for homeowners across Florida. They act as your negotiator with the insurance company. They will fight for the compensation you need to fix your home.

You can call them for a free initial inspection. They do not charge you unless you get paid. They have experience with hurricane damage, water damage, mold, roof leaks, and kitchen fires. They handle big and small claims. They know Florida rules and will act for you.

Contact Otero:

You should call them if you want a clear plan. They will inspect your property for free. They will explain fees before any work begins. They will help you prepare the claim, document damage, and negotiate with the insurer.

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Steps to take after property damage in Florida

You will follow simple steps to protect your claim.

  1. Make sure you and your family are safe.
  2. Take photos and videos of the damage right away.
  3. Call your insurance company to report the loss.
  4. Call a public adjuster, such as Otero, for a free inspection.
  5. Keep all bills and receipts for emergency repairs.
  6. Sign a written contract with your chosen public adjuster.
  7. Let the adjuster gather estimates and file the claim for you.
  8. Review every offer from the insurer with your adjuster.
  9. Approve repairs only after you get fair payment or guarantees.
  10. Keep records until the claim ends.

These steps help you stay organized and protect your rights.

What questions should you ask a public adjuster?

You must ask clear questions. Here are good ones.

  • Are you licensed in Florida?
  • How long have you worked as a public adjuster?
  • What is your fee and how is it calculated?
  • Do you have references from Florida homeowners?
  • Do you carry errors and omissions insurance?
  • Will you put everything in a written contract?
  • How will you communicate with me during the claim?
  • Who will sign forms and talk to the insurance company?
  • How do you handle subcontractors or repair contractors?
  • What happens if I am not happy with the outcome?

A good adjuster will answer these questions plainly and honestly.

What to do if your public adjuster acts badly

If your adjuster acts badly, do this.

  1. Stop giving them access to funds.
  2. Gather all documents and copies of contracts.
  3. Ask for a final account of fees and actions.
  4. File a complaint with Florida’s licensing authority.
  5. Consider hiring a lawyer or another public adjuster.
  6. Tell your insurer about the problem if it affects your claim.

You must act quickly. Fast action stops damage and prevents loss.

FAQ: Short answers to common questions

Q: Do all officers have a fiduciary duty?
A: Most corporate officers do. Many licensed adjusters have duties to their clients. You must check the role and the law.

Q: Does a public adjuster work for me or the insurer?
A: A public adjuster works for you. An independent adjuster often works for the insurer.

Q: Can an adjuster charge a fee if I do not get paid?
A: Most public adjusters in Florida work on contingency. They usually get paid only if you get a recovery. Ask for the exact terms.

Q: How do I check a public adjuster’s license in Florida?
A: You can check with the Florida licensing authority. Ask the adjuster for their license number and verify it.

Q: Can I fire my public adjuster?
A: Yes. You can end the contract per its terms. Read the contract for notice or termination terms.

Q: What is bad faith by an insurer?
A: Bad faith is when the insurer denies or delays a valid claim without a proper reason. A public adjuster can help spot bad faith.

Final summary and clear answer

Yes, many officers do have a fiduciary duty. Corporate officers must care for the company. Insurance company officers must follow the law and act in good faith. Public adjusters in Florida often owe a duty to you, the insured. They must act in your best interest, be honest, and handle funds properly.

If you face property damage, you must protect your claim. You must gather proof, talk to your insurer, and consider a public adjuster. A licensed public adjuster will work to get you fair pay. If you live in Florida, you can call Otero Property Adjusting & Appraisals. They will inspect your damage for free and only get paid if you do.

Contact Otero Property Adjusting & Appraisals:

You do not have to handle a claim alone. You can get help from a public adjuster who will stand with you.

See the Do Officers Have A Fiduciary Duty? in detail.

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