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After a disaster, policyholders expect their insurance companies to have their back.
In theory, the business owner can reasonably expect that when a covered peril, such as a fire or natural disaster, disrupts their operations and negatively affects their revenue and profits, their business interruption insurance should cover their losses as they recover.
However, in this case, this business owner might realize that their insurance company is not on their side. In reality, insurance companies are just like any other for-profit business with the goal of maximizing profits and increasing their bottom line.
This business owner, having faithfully paid their insurance premium month after month, should be able to expect that their insurance company has their back. What they instead might face is a reduced payout, delayed payments, or even an outright denial of their claim.
However, the business owner in this example is not without options. They could contact an experienced business interruption lawyer to work on their behalf to ensure the insurance company holds up their end of the bargain.
Insurance Companies Don’t Always Act in Good Faith
Facing a claim denial, reduced payment, or delayed payment? Our firm can help. Policyholders expect that their insurance company will be there for them after an injury or disaster. After all, it’s part of the contract they agreed to in the first place. Although a person
could have taken all of the right steps, their insurance company may prove extremely reluctant to hold up their end of the contract.
When an insurance company fails to uphold its obligations to the first party policyholder, they’re in breach of contract. Unfortunately, it’s not uncommon for a person or business to find themselves at odds with their insurance company.
When a disagreement arises over whether the third party insurance company complies with the contract, the first party has a legal right to file a first party insurance dispute. With the help of an experienced first party insurance claim lawyer, such as a business interruption lawyer, the claimant can seek the coverage they’re owed.
What unlawful insurance practices do insurance companies engage in?
It’s important to note that the exact definition of bad faith insurance varies by state. Under Florida Statute 624.155, any person can file a civil action against an insurer when the first party is damaged in the following ways:
When an insurer does not attempt to settle claims in good faith when, under all the circumstances, it could and should have done so, had it acted fairly and honestly toward its insured and with due regard for her or his interests;
When an insurance company makes claims payments to insureds or beneficiaries not accompanied by a statement setting forth the coverage under which payments are being made; or
Except for cases of liability coverage, the insurer fails to promptly settle claims, when the obligation to settle a claim has become reasonably clear.
If your claim has been denied or you are engaged in a first party dispute with your insurance company, or you believe that your insurance company is acting in bad faith, call our firm.
Some common bad faith practices our firm sees insurance companies engage in to reduce or deny insurance payments include:
Intentionally misrepresenting policy provisions by using unreasonable policy language translations
Underpaying reasonable insurance claims
Flat out denial of valid insurance claims
Failure to acknowledge insurance claims promptly
Failure to thoroughly investigate a claim in an adequate manner
Failure to provide a reasonable explanation of claim denial or delay
Our experienced bad faith insurance lawyers can review your case at zero cost to you. We’ll make sure that your rights are protected and that your insurance company is held accountable for its duties to you according to your policy.