Frequently Asked Questions
Are funds held by your company insured? Is your company bonded?
SEAM, LLC has a $1,000,000.00 per incident liability insurance (errors and omissions) policy, $200,000 per incident fidelity bond (crime insurance), as well as a $100,000 per incident dishonesty bond, and $20,000 per incident surety bond.
All funds are further insured to the FDIC limit of $250,000.00.
*Bond and policy verification available upon request.
Is your company a licensed escrow agent?
The State of Texas only offers a license to escrow agents dealing with title insurance (real estate matters); therefore, there is no such thing as a “licensed escrow agency” in the context of surrogacy account management for a Texas company. SEAM, LLC is in good standing with the Texas Secretary of State, verifiable by filing number 0801913541.
*Due to California state regulations, we are not able to advertise directly to California residents, however we are able to serve those who choose to use our services.
*New York’s licensing laws are not clear at this time, however as we understand them, we do not see a conflict in serving New York residents.
Is your company familiar with surrogacy contracts? What percentage of your business is related to ART accounts?
SEAM, LLC only manages assisted reproduction technology related accounts. We are intimately familiar with these agreements, our staff has more than 40 years combined professional and additional personal experience with Surrogacy and Egg Donation Agreements.
What is the initial deposit required to open an account?
To open an account, deposit the initial amount required by your Gestational Agreement, PLUS the Account Management fee, or the amount required by your agency/attorney if you do not yet have a Gestational Agreement in place.
SEAM, LLC will follow your Gestational Agreement with regard to deposit requirements. If you want to change the amounts or dates deposits are required, it will need to be agreed to in writing by all parties or by amendment to the agreement.
Does your company provide a monthly accounting statement?
Our clients have real-time access to an always up-to-date account statement via a secure link, including all account transactions and a current balance that they can access, download, or print anytime. In addition, statement activity instructions are provided in our Account Instructions for our clients’ additional convenience.
What does my account statement include?
Account statements include a ledger of account transactions that shows all activity in the account, a request log, and easy access to any required supporting documentation.
How often does your company audit accounts?
SEAM, LLC audits all accounts every month. Each account is audited again before it is closed.
Are all payments made by direct deposit?
All payments to surrogates and donors are made by direct deposit or check, when requested. Payments made directly to care providers, insurance companies, and other third-party payments are made via check, ACH, or credit card, when necessary. SEAM, LLC can also provide carriers and agency coordinators with a virtual credit card to pay for pre-approved upfront expenses and recurring payments such as health insurance premiums.
What if my account needs to stay open longer than the initial term?
After 18 months, if the account remains open, the extension fee will be charged for the following
6-month time frame. If there are two consecutive 6-month periods without activity and there has not been a request to close or hold the account, we will attempt to notify the intended parents and determine if the account can be closed at that time, prior to charging the new account fee.
How does your company ensure disbursements are made appropriately?
The SEAM, LLC experienced review team reviews every new Gestational Agreement and sets up a disbursement request form tailored specifically to the requirements of the Gestational or Donor Agreement, to which all parties have agreed. When a surrogate or egg donor makes a request, SEAM, LLC verifies the request against the requirements of the Gestational or Donor Agreement.
When documentation is required, the donor or carrier uploads it with their request and the account specialists verify each piece to be sure it meets the contractual requirement. Documentation submitted on a surrogacy account via the form is accessible by all parties on the Disbursement Request Log.
Disbursements are only made when a request meets the terms agreed to. If the Agreement or client’s understanding is unclear relating to the request, we may e-mail the intended parents for approval or reach out to the drafting attorney for clarity.
Do you notify the Intended Parents prior to making disbursements?
Since SEAM, LLC adheres to the requirements of the Gestational Agreement everyone has already agreed to, we do not email notifications prior to making a disbursement. All parties can adjust the settings on the statement to be notified of activity pertaining to their own preferences within the document settings, per our Account Instructions document provided at the beginning of each journey.
What if I need to re-match with a new carrier?
If the initial match dissolves, we can place the account on hold until at no cost for the months the account remains on hold, and then transfer the balance of the previous account to the new one upon rematch. There is a rematch fee of up to $300 to create the new account documents, review a new Gestational Agreement, and set up the new carrier with access and direct deposit. The initial 18-month term will continue with the same duration remaining as when the original match was dissolved.