ACH FUNCTIONS FOR PAYING ADJUSTER & ATTORNEY FEES  

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BACKGROUND:

 Fulmont Mutual Insurance Co & Subsidiaries have adopted the Automated Clearing House Function and will use this method of payment wherever feasible.  Currently  ACH is being used to pay commission checks to agents, as well as some expense payments.  In addition it is offered to policyholders for making their premium payments. This method of payment represents savings in paperwork as well as reducing the accounting functions.  For the Adjuster, Attorney, Policyholder, or Claimant it allows immediate access and use of their money.   

CLAIMS DEPARTMENT: 

Effective July 1, 1999:

1.     All Adjuster and Attorney fees will be paid through Automated Clearing House    (ACH) functions.

2.   The fee for a sub-contractor such as court stenographer, specialist, etc. hired  through  an Adjuster or Attorney will be paid by the Adjuster or Attorney and then reimbursed  by Fulmont through the ACH method.

3.     When there is a large fee involved with the subcontractor Fulmont will pay the fee directly to the subcontractor through ACH, providing the Adjuster or Attorney gives the necessary Bank information to Fulmont.

4.     We may in the near future, at the discretion of the Claims Manager, offer to a policyholder or claimant the ACH payment function. This is contingent on the proper execution of forms as deemed necessary through New York State Insurance Law and/or Fulmont Claim procedures.

 PROCEDURE FOR ACH:

 ADJUSTER AND/OR ATTORNEY:

1.     Provide Fulmont with the name of your designated Bank, Bank account number and Bank routing number or a copy of a voided check.

2.     Continue to send bills as you normally would when the specific claim is settled.  We will ready the bills for ACH payment, accumulating it to be paid at the designated time.

3.     Pay your subcontractor directly and include that on a bill to Fulmont OR in the case of a larger subcontractor fee provide Fulmont with the designated Bank, Bank account number and Bank routing number or a copy of a voided check from your subcontractor.

4.     In long term cases where you would bill Fulmont quarterly or monthly  - continue to send your normal bills.  We will ready the bills for ACH payment, accumulating them to be paid at the designated time.

 FULMONT:   

1.     The ACH  function will apply to all offices of Fulmont.  The branch offices at Westport and Canajoharie will forward all Adjuster and Attorney bills to the main office for ACH payment.

2.     The aggregate amount due each Adjuster or Attorney will normally be paid once a month.  However if there are months when there is more activity, at our discretion we may perform an ACH function more than once a month. 

3.     Policyholders and/or claimants will be paid in accordance with the guidelines

of the  New York State Insurance Law. 

4.     The normal procedure will be to accumulate all bills received from the first to the last day of the month.  The ACH payment will be directed sometime between the third day and the tenth day of the following month.  We allow for this range because of weekends and holidays.

5.     We will notify the recipient by mail of the date, amount, and detail of the direct deposit or if you prefer we could notify you by E-mail.