Jones Jones LLC is an industry leader in identifying and securing mitigation opportunities for carriers, TPAs, and self-insured employers. Loss transfer is a perfect example of how the winning litigation strategies utilized by our attorneys will bring you and your team the very best savings available for your claims.
Just in the first half of 2021 alone, the experienced Jones Jones LLC loss transfer team-lead by Partners Jacqueline Mancino and Agnes Neiger, have recovered over $2.3 million dollars for clients by way of loss transfer. In fact, our recovery rate is over 96% for the amount of loss transfer recovery sought. Moreover, the Jones Jones LLC team has saved millions of dollars for clients in the defense of loss transfer claims brought against them. This is a major win for many clients as loss transfer is a vital mitigation tool that should always be reviewed, and if applicable, utilized fully in the claims process.
What is loss transfer? How can you ensure that you and your team are taking full advantage of loss transfer opportunities?
Loss transfer is the process by which an insurer or self-insurer that pays No-Fault benefits or Workers’ Compensation benefits in lieu of No-Fault benefits can recover reimbursement from the insurer of the party at fault for the accident. For a claim to qualify for loss transfer, the underlying loss must arise from a motor vehicle accident involving a vehicle for hire or a vehicle weighing in excess of 6,500 pounds. Loss transfer claims are resolved either by way of a settlement or they are heard via mandatory inter-company arbitration. Arbitration Forums, Inc. is the sole forum designated by the State of New York to hear loss transfer matters. A Workers’ Compensation carrier or self-insured employer can seek reimbursement of up to $50,000.00 in past payments on each Workers’ Compensation claim. However, a No-Fault carrier can seek over $50,000.00 via loss transfer if they have Optional Basic Economic Loss coverage. The Jones Jones LLC team is excellent at identifying and protecting clients’ rights in rare situations where Workers’ Compensation carriers can assert a lien for the first $50,000 paid on a claim arising from a motor vehicle accident. Our team guides clients in order to avoid making common mistakes that can cost them thousands or even millions of dollars over time.
The loss transfer attorneys of Jones Jones LLC have nearly three decades of combined experience in working in the loss transfer arena, from inter-company arbitration hearings up to the highest appellate courts in the State of New York. They have also served as arbitrators with Arbitration Forums, Inc. Additionally, Partner Jacqueline Mancino is the Secretary for the New York State Loss Transfer Advisory Committee. Partners Neiger and Mancino, and their highly skilled team, have the experience and knowledge to ensure that all of your claims with a loss transfer opportunity are fully vetted to obtain the maximum amount of recovery afforded to each claim. Our attorney and paralegal team reviews each case referred to the loss transfer department to confirm that the claim is eligible for recovery. They then undertake an extensive review of the payments made on qualifying claims to identify all recoverable payments and review all accident documents to determine how best to prove liability.
The loss transfer attorneys of Jones Jones LLC are excited to assist you in the loss transfer process. Contact us today at clientservices@jonesjonesllc.com for all of your loss transfer needs.