NJ A987

Limits licensed public adjusters to a maximum compensation of 10 percent of insurance claim payments for claims resulting from a designated catastrophic loss occurrence

The 10 percent compensation cap applies for one year after the catastrophic event is designated

Catastrophic loss occurrence includes emergencies or disasters declared by the President, FEMA, Governor of New Jersey, State Office of Emergency Management, or other authorized agencies

Covered events include floods, hurricanes, storms, earthquakes, and similar disasters

Amends the Public Adjusters' Licensing Act (P.L.1993, c.66) and takes effect 30 days after enactment