Is the Paymaster bonded or insured for payment?
No. It is extremely cost prohibitive to become bonded and/or insured for the large amounts of money that a Paymaster receives and disburses from his account. The cost of doing so would far exceed the amount of money a Paymaster typically receives as his fee. The fact that funds are deposited and paid out of an IOLTA/COLTAF account, and that we are a registered Money Services Business with the United States Treasury, gives our clients the peace of mind knowing their funds are in good hands.
