Insurance Bad Faith
Insurance policies are intended to provide peace of mind in the event of a loss. We purchase particular insurance to ensure that if our families, our property, or our businesses are harmed, that insurance policy can be relied upon to pay for these losses and make us whole. In the midst of unexpected tragedy or misfortune, an insurance policy will allow us to concentrate on other aspects of recovery as the insurance carrier steps in to ease the financial consequences as promised under the policy.
Policy holders pay insurance premiums expecting that if they actually need to file a claim, the insurance company will come through and cover them for the full value of the claim. Whether harm is caused by catastrophic events such as fires, natural disasters, auto accidents, or disabling injuries, we reasonably expect the insurance policy we have purchased to operate just as it said it would. This is true with all types of insurance, including homeowners insurance, property insurance, car insurance, and business owners insurance.
If you or your property is damaged or harmed, and the insurance company engages in unreasonable delay or wrongly refuses to cover the full claim as promised in the policy, the insurer’s conduct can amount to what is termed as “insurance bad faith” or insurance fraud. An insurance policy is literally a contract between the insured and the insurer. When the insurance company acts in bad faith, it breaches the contract. Insurance bad faith describes the mistreatment of consumers and businesses by insurance carriers This deceit or unfair dealing can occur in several different ways as an insurance carrier frustrates the insured’s right to receive the proper insurance benefits as stated in their policy or contract. Some common examples are:
- An insurance company denies the insured the complete benefits listed in the policy;
- An insurer attempt to unjustifiably offer less compensation than what is due under the policy;
- An insurance carrier unreasonably delays payment to an insured.
These actions can compound your problems and cause you additional stress and financial burdens. When an insurance company wrongly denies, underpays, or delays a valid claim, they are acting in bad faith and should be held accountable. Insurance policy holders have the right to demand the insurance company fulfills its obligations under the policy. In certain situations, third parties who have suffered a loss may have a claim against another party’s insurance company if the company fails to act in good faith and reach a reasonable resolution of the third party’s claim.
If you believe you have been the victim of bad faith insurance practices, please contact the insurance bad faith attorneys at MartinWren, P.C. at (434) 817-3100 and ask for Robert E. Byrne, Jr. or Jonathan T. Wren. Our qualified bad faith insurance attorneys will listen to your concerns, examine the situation, and fight for maximum compensation. Bad faith insurance lawsuits can be confusing and complex. Let the experienced and assertive attorneys at MartinWren, P.C. help you receive the full compensation you were promised.