Bond Loss Subrogation
Bond loss subrogation lawyers
If you face bond loss, the subrogation attorneys at Keis George may help you achieve the recovery to which you are entitled under your bond policies. We have advised clients throughout the entire bond’s claims process, including investigation of the loss, preparations of proofs of loss, and gathering evidence and testimony to support a claim.
When the law requires a party to post a bond, the obligated person or entity enters into a contract with a surety, a company that guarantees payment of the principal’s obligations if the principal somehow defaults. Common surety bond scenarios we litigate include:
- Fidelity bond — Although commonly called a bond, this instrument is actually an insurance policy that indemnifies a corporation against losses caused by dishonest employees.
- Fiduciary bond — This instrument protects beneficiaries of a trust or other legal entity from negligent or illegal conduct by a fiduciary, trustee, or officer.
- Performance bond — Usually a three-party arrangement incorporating labor, material, and maintenance liability.
Right of subrogation
In all of these scenarios, as well as others, the surety may be obliged to pay on behalf of the principal, but may also have a right of subrogation against the person or entity that caused the principal to default. For example, a trustee is personally liable for losses to a trust due to incompetent or dishonest management of trust assets. The surety that posted the fiduciary bond is contractually obligated to make good the beneficiaries’ losses. However, the surety can pursue a subrogation claim against the fiduciary to recover those losses.
Surety bond subrogation
Many sureties miss opportunities to pursue subrogation because their decision-makers do not have a complete understanding of this complex area of the law. Fortunately, our bond loss attorneys have litigated these claims for decades. We understand how most carriers manage bond claims, and we can work closely with you to pursue appropriate remedies. In this area of law, we believe results generally depend on experience.
Subrogation law firm
If you face bond loss, the attorneys at Keis George may help you achieve the recovery to which you are entitled under your bond policies. We have advised clients throughout the entire claims process, including investigation of the loss, preparations of proofs of loss, and gathering evidence and testimony to support a claim. Take advantage of our capabilities and contact one of our subrogation lawyers to schedule a consultation.
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