We represent corporate sureties that issue bonds to a party (Obligee) to guarantee performance or payment of an obligation by a third party (Principal). The Surety assumes liability for non performance or nonpayment in case the terms of the obligation or contract are not performed and there is no defense to the claim.
Often a surety will dispute liability because its Principal is not liable or because the surety itself has a defense to the claim of the obligee and it will retain us to give it advice and counsel and at times represent it in litigation if it should come to that.
At other times the Firm has represented contractors and owners, advising them on aspects of surety law that arise and also against sureties relating to the very same issues.
SUBROGATION is the legal doctrine whereby one person takes over the rights or remedies of another against a third party. In the insurance and surety field, when the insurance carrier or surety pay a claim, they are subrogated to or substituted in to the rights of the payee against the person or entity that caused the damages that were paid for by the insurer or surety.
INDEMNITY has to do with the compensation of a person or entity for the damages or loss that it incurred or might incur. Lanak & Hanna has extensive knowledge and experience in the law of subrogation and indemnity and regularly recovers damages and losses for clients by way of subrogation or indemnity contracts. It also counsels clients that seek indemnification or against whom recovery is sought by way of subrogation or indemnity.