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You do not have to wait. You are absolutely correct in that you contracted with the corporation and the corporation is who is obligated. Whether or not they have an insurance claim is their issue, not yours. If they won't pay you voluntarily, you want to file suit against them to get you the collection options and leverage you need to collect the debt owed you. That's because once the suit is filed and a judgment awarded, you become a judgment creditor
, and if the losing party doesn’t then pay the judgment, you can have the sheriff serve a summons on the losing party for a debtor examination. That forces them to meet you in court again and answer questions under oath about their assets. After that information is obtained, you have the power to attach bank accounts, have the sheriff seize other personal property, and/or place liens on any property they own to satisfy the judgment. In my experience, simply filing the suit is typically all you need to do to resolve this outside of court because most of the time, once served with a summons they are being sued, the other party will want to settle out of court to avoid the judgment being on their permanent record and the additional legal costs.
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