Commercial Insurance Bad Faith
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As a business owner, delays can be costly. When your time is so valuable, costly delays after your business experiences a catastrophic loss will only set you back further.
When you depend on an insurance policy to provide you with the compensation to cover your losses, it’s easy to become frustrated when it seems like an insurance company won’t follow up on their end of the bargain.
But what you may not realize is that insurance providers are bound by law to act in good faith and that neglecting this responsibility could have consequences.
At Denver Trial Lawyers ®, we’re an experienced team of attorneys who understand what you’re going through when your insurance acts in bad faith.
We understand what’s at risk and how much you depend on getting a swift and proper settlement to your claim when you’ve suffered a tremendous loss.
We’re a tested and proven team that has earned a reputation for success and outstanding client service over more than 100 jury trials. We’re committed to your success, and we may be able to help you when you need an ally to fight back against an insurer that’s acting unethically.
Am I A Victim of Bad Faith Insurance?
Insurance companies have a legal duty to act in “good faith,” which essentially means handling your claim promptly and paying out the amount they hav said they will cover you for.
However, insurance companies are businesses like yours, and that means the more money they pay out the tighter their margins become. Thus, many companies often use underhanded tactics to try and either force claimants to take reduced settlements or even to completely absolve themselves of their financial responsibility.
You might be the victim of bad faith insurance if you experience any of the following:
- Excessive or unnecessary paperwork
- Lowball settlement offers
- Slow or non-existent responses to requests for information
- Failure to pay agreed-upon settlements
Each of these is a tactic which companies use to try and discourage claimants and policy holders from continuing to pursue their case and thus be willing to accept a significantly reduced settlement amount.
In many cases, companies simply out-wait their claimants, delaying the payout for as long as possible until the claimant is willing to accept a fraction of how much their case is actually worth.
Holding Companies Accountable for Bad Faith
If you believe you have been the victim of bad faith, it’s important to know that you can hold your company accountable.
Being found guilty of acting in bad faith can have serious consequences for insurance companies, and companies are far less likely to try to use these tactics when they know they may face consequences for doing so.
Having an attorney on your side can help ensure your claim receives the proper treatment and handling all throughout the process. Likewise, and attorney can also make sure your claim is properly and fairly valuated and that the settlement you receive is fair and adequate for the losses you have sustained.
Our team may be able to help you! Contact Denver Trial Lawyers ® online now and let us know how we can help you seek a smooth resolution to your insurance claim.