What exactly is “Bad Faith”?
No matter what, insurance companies that are paid a premium by you owe a duty of good faith and fair dealing to the people they insure.
It is unfortunate that in your time of need, some insurance companies may become disingenuous and attempt to deny your claim or provide a low-ball offer. This is acting in bad faith on the part of the insurance provider.
Moreover, insurance companies must not look for ways to escape its obligation to investigate the claim or to pay you. Bad faith claims and lawsuits may come from a number of actions or inactions by the insurance company from denial of coverage or failure to negotiate a settlement.
There are a number of examples of this kind of conduct, such as refusing to settle a case, wrongfully denying a claim, stalling, not promptly or thoroughly investigating, and a number of others. It is the insurance company’s duty to look for ways to honor, rather than deny, a policyholder’s needs. If you suspect that your insurance company is taking you for a ride, and not properly compensating you for your claim, contact a bad faith expert at the law office of Parvey & Frankel.
Having a claim denied can be devastating. Many times the complex paperwork involved and the powers that you are up against can be extremely discouraging and stressful. It is important in the case of a denial to understand that you can appeal the decision. Working with the experienced attorneys at P&F will increase your chances of success, and reduce the stress associated with the process.
Know your rights![ssba]