What is the time frame for an injured party to file a claim with the Indiana Recovery Fund after terminating attempts to recover damages from a licensee?

In Indiana, the timeframe for an injured party to file a claim with the Indiana Recovery Fund is one year. This time period begins after the injured party has made thorough attempts to recover damages from the licensee involved. The Recovery Fund is designed to protect consumers by providing compensation when a licensee's actions have harmed them, provided that the claimant has already sought recovery through the licensee's insurance or other means without success.

Understanding this timeframe is crucial, as missing the one-year deadline can render the injured party ineligible to receive any compensation from the Recovery Fund. This requirement helps ensure that claims are reported in a timely manner, which is vital for both the consumer’s access to recovery and the proper functioning of the fund.