Guardian in Action

The following are typical Guardian Group, Inc. assignments:

High Technology Manufacturing and Electrical Construction

A surety company provided performance and payment bonds to a $20 million high technology manufacturer and electrical contractor for delivery and installation of $15 million worth of product to ten obligees. When the company began to falter, Guardian Group, Inc. was engaged to evaluate the principal and suggest a course of action. Just as we began, the company filed Chapter 11 bankruptcy. Several obligees had already begun assessing liquidated damages, so we dispatched our personnel to the principal's location to assume turnkey responsibility for completing the bonded projects.

New schedules were developed and takeover agreements entered into with obligees. We hired former employees from the now bankrupt principal's crew to complete installation. We re-let jobs to new subcontractors, found alternate suppliers, and where necessary, used our own personnel to redesign and manufacture replacement equipment, develop necessary software and complete the projects. We established disbursement control account procedures, handled contract funds collection, contract administration, provided project management services, and evaluated and settled payment bond claims. Guardian Group, Inc. also provided litigation support and expert testimony to the surety's in-house and outside legal counsel. As a result, Guardian Group, Inc. was able to reduce the surety's claim losses by $8 million.

Surety Company Divestiture - Underwriting and Claims Run-Off

Subsequent to an insurance company's divestiture from the surety industry, Guardian Group, Inc. was engaged to handle all underwriting and claims run-off on an outsource basis. Guardian Group, Inc. assumed all obligations and acted as the insurance company's in-house underwriting and claims departments. Among other tasks, this included developing claims and underwriting policies and procedures, handling all underwriting renewals, premium collections, reinsurance reporting, status inquiries, claims reserving, claims administration, evaluation, negotiation, settlement, reinsurance billing, hiring and managing outside legal counsel and other service providers, preparing construction affirmative claims and performing defensive claims analysis, subrogation and recovery, litigation support, and fulfilling all reporting requirements to insurance company management, reinsurers, and the Department of Insurance.

In combination with performing all underwriting activities, Guardian Group, Inc. effectively resolved claims that were reserved in excess of $35 million while collecting $10 million in subrogation. Work was completed in the claims, underwriting, accounting, and finance departments, on time and under budget.

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