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ABOUT THE SITUATION SURETY COMPANIES FACE:
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While we typically highlight one unique, topical, or otherwise interesting surety claim in this space, it is important to note that not every claim is exceptional. Many more are routine, but these claims too must be handled in a timely, reliable manner. In this “case study” we will discuss not a single claim, but, in a way, multiple claims. For the surety company, what can be exceptional are: trying to address a high volume of claims all at once while under strict deadlines, preparing for those peak periods which can strike at any time, and how to address claims on new bond types to which some in-house claim professionals may be unfamiliar. Today, we turn our attention to custom Claims Control® programs.
ABOUT THE SOLUTION:
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In one recent situation, a surety asked Guardian Group to create a custom Claims Control® program to prepare for when claims started to come in for a new commercial bond type it was writing. The surety was in the midst of growing its top-line revenues and, while writing for this new line of business was a component of its broader business plan, how to deal with resultant claims when the in-house team was already operating on overload needed to be addressed. Guardian tailored a program precisely to meet the unique needs of the surety as well as the distinct preferences and vision of the head of claims.
(Claims Control® programs can be designed for both contract and non-contract surety bond claims. Contract claims programs include: performance, payment, bid, and maintenance/warranty. A partial list of the commercial (non-contract) bond claim types includes: state contractor license bonds, license & permit bonds, customs & excise bonds, probate & other court bonds, fiduciary bonds, transportation bonds, auto dealer bonds, property broker bonds, utility bonds, tax bonds, and public official bonds.)
ABOUT THE CLAIM RESOLUTIONS:
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As the claims came in, Guardian operated like an extension of the surety’s own team, like an offsite “claims department down the hall.” Licensed in all 50 states, Guardian’s expert personnel investigated and handled the claims according to the processes that had already been defined ahead of time. Along the way, the surety’s claims team enjoyed up-to-the-minute, 24/7 access to their claims’ status thanks to the company’s proprietary online claim management system. With an unmatched depth of experience in virtually all claim types, including this niche one, Guardian was able to help the surety resolve these claims fairly, expeditiously, and efficiently. Whether claims are contract or commercial, everyday claims or extremely complex and technical, Guardian’s Claims Control® programs help sureties take a proactive approach to claims handling, all while achieving a better allocation of resources.
ABOUT GUARDIAN GROUP:
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From the everyday to the extraordinary and all points in-between, Guardian has helped sureties for over 30 years. While Guardian, of course, supports sureties on individual claims of any size, wherever and whenever, Guardian Group’s Claims Control® programs mean sureties do not need to increase their overhead in order to grow. Today’s Guardian Group, now a division of YA, offers surety clients even more. It’s still that same personal attention from the people you’ve come to know, but now there’s a national team of engineers, building consultants, and other allied professionals standing by. Ready to take your surety claim handling capacity to the next level? Kindly call on Guardian Group today.