Welcome to Part Three of the Jones Jones LLC’s Loss Transfer Series! In this final installment of this series, you will learn how to successfully secure the actual loss transfer funds associated with your claim. Previously, in Part One, you were given a primer on the basics of loss transfer; who can seek reimbursement and when does loss transfer apply. See: Loss Transfer Series: Part 1 – The Basics – Jones Jones LLC . Part Two focused on what kind of benefits you may recover as a result of utilizing all that loss transfer has to offer. See: Loss Transfer Series: Part 2 – The Recovery. Now, let’s focus on the details required in order for you to secure the loss transfer funds.
HOW DOES A CARRIER SEEK THE LOSS TRANSFER FUNDS?
The carrier or the self-insured employer must first serve the Respondent with an “Inter-Company Reimbursement Notification Form” as soon as reasonably practicable before filing for arbitration. Note that the Respondent is the carrier or self-insured owner responsible for providing No-Fault benefits for the vehicle responsible for the underlying motor vehicle accident. The carrier or self-insured employer asserting the loss claim (often referred to as the “Applicant”) must file for arbitration with Arbitration Forums, Inc. The Applicant must also be aware of the timeline as the statute of limitations for filing for arbitration is three years from the date of each payment sought.
WHAT EVIDENCE IS NECESSARY TO PROVE CASE AT ARBITRATION?
- A copy of the timely served Inter-Company Reimbursement Notification Form.
- Proof of liability –Examples: Police report, internal accident documents, deposition transcripts, DMV expansions, etc.
- Proof of Damages- Minimum proof required is a printout or ledger of benefits paid with the following information for each payment:
- Name of payee
- Amount paid
- Date of service
- Date paid; and
- Total amount paid.
Once the case is decided by an arbitrator, an arbitration award is usually published within one to three days. If the Respondent fails to issue payment of the arbitration award, the applicant has one year from the date of publication to file a petition to confirm the arbitration in court. If a party wishes to appeal an arbitration award, they must file a petition to vacate or modify the arbitration award within 90 days of publication. Thank you for taking the time to read our educational series on Loss Transfer. If you have any questions or would like to discuss further; please connect with us at email@example.com.
Have an idea for an education series? Would you like to learn more about a certain area of subrogation, New Jersey & New York Workers’ Compensation defense, or No-Fault? Contact us with what you want to hear more about today at firstname.lastname@example.org!