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Bad Faith Insurance refers to when there is an insurer’s attempt to renege on its obligations to its policyholder. Examples of bad faith insurance claims include refusal by the insurance agency or insurer to pay a claim in compliance with the insurance policy and providing unacceptable delays in the processing of a claim.
Bad Faith Insurance can be heavily damaging to the policyholder. If an insurance company denies, undervalues, or delays a claim, the policyholder’s financial well-being could be demolished. Furthermore, insurance companies can bring deep pockets, teams of lawyers, and extensive negotiating experience to bear against their policyholders, making disputes a very unfair fight.
Bad faith lawsuits can also be brought against an insurance company by defendants in personal injury cases if the insurance company fail to meet their duty to the policyholder such as
The insurance company took an unreasonable length of time to pay your claim.
The insurance company denied your claim after failing to adequately investigate your property damage
The insurance company intentionally misinterpreted or inaccurately represented their policy to minimize the cost of your claim
The policyholder may be able to file a bad faith insurance lawsuit against the insurance company. However, they still need a lawyer who specializes in insurance law to aid them in the legal details and assist in prevailing the lawsuit.
