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Fidelity Bond Claims

Financial institution insurance and bonding policies are particular to the financial services industry. Financial institutions have these insurance policies for a good reason--liabilities and losses facing financial institutions arise in many contexts, including fraud and dishonesty (embezzlement, indirect automobile dealer loan fraud, etc.), violations of lending policies, wire fraud, altered checks, forged indorsements, and more.

With losses, financial institutions need focused efforts to present their stories to bond or insurance providers. Additionally, they need to closely manage the process of a claim. After all, insurance companies (whether CUNA Mutual, Travelers, Lloyds, CNA or others) will carefully evaluate the facts and circumstances of every situation. Attention to notice and filing requirements and claims procedures early on in a bond claim can make the difference on whether a claim is paid or not. SW&M has substantial experience in reviewing facts of claims, advising clients about the best coverages to pursue, putting the client’s best foot forward, and prosecuting financial institution bond claims to payment, with losses of all sizes, $250,000 to $22 million.

In the litigation context, insureds also need to manage closely their insurance company provided counsel. While panel counsel has a duty to represent the insured, the lines of that duty can sometimes be blurred. SW&M also assists clients with litigation management.

We also provide coverage advice to clients in connection with policy renewals, risk assessment and management, and business transactions.