Bonding Report: Insuring Your Claims

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 CasetrackerLaw’s policy is that every claim that is forwarded to an attorney should be Bonded.   Under Manage Attorneys, Casetrackerlaw provides 6 organizations (National List, Columbia List, General Bar, Forwarders List, ALQ List and eDebtNetWork List) that will bond your claim/s before sending it to any attorney for collections.  Bonding a claim is the same as insuring it. 

“The required bonds are a type of insurance agreement which guarantees reimbursement to the union for any financial losses caused by fraudulent or dishonest acts by officers or employees, such as theft, embezzlement, or forgery. The bonding requirements are not based on the idea that particular individuals or organizations are inherently dishonest. Rather, bonding is required because experience has shown that when people are entrusted with the money or property of another, there will be instances when individuals will cause a loss through fraud or dishonesty. Bonding is therefore required to insure the union against such a loss.”

When you forward a claim out to an attorney, an email notice is sent to the law list for bonding. This notice is sent in order to bond your claim in the event the attorney runs off with the money.

The Casetrackerlaw Bonding report will give you a list of claims sent for a selected time frame.  When selecting the time period and generating the report, you now have options to select a group and setting a reminder for yourself or someone else to follow up on certain claims.  This feature will send an automatic request or an update via email to the attorney who the claim was sent to. This feature is great because you don’t have to open every claim to send the attorney a request. 

One policy you should implement in your firm is to get bonding confirmation on every claim that has been forwarded to an attorney from the bonding law list. 

NOTE:  We have seen changes recently with bonding requirements. We suggest you review your directories to get the latest updates concerning these requirements.

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