Practice areas
Insurance Bad Faith
You might assume that when you purchase an insurance policy from a seemingly reputable insurance company that they will
promptly pay claims when submitted. Not always! When an insurance
company fails to pay a covered claim, fails to settle a case within
policy limits exposing the insured to personal liability, or unreasonably
delays the payment of a covered claim, the insurer is acting in bad
faith.
Insurance is big business. Insurance companies taken in hundreds
of billions of dollars in premiums every year. They make money by
investing those proceeds. The longer they retain the money, the more
they make on their investments. Thus, from a purely financial standpoint,
the insurer has an incentive to delay the payment of claims.
However, when an insurance company fails to meet its contractual
obligations, the financial consequences can be devastating. Business’
and individuals rely upon having the use of their assets and they
purchase insurance to protect against risks to their assets. When
an insurance company fails to pay a covered claim, or delays the payment
of such a claim, businesses’ can fail, people lose their jobs,
individuals can be subjected to personal liability, and the well being
of families is jeopardized. An experienced insurance claims
attorney can help..
The law provides a remedy under a doctrine known as insurance
bad faith law. Under Pennsylvania law, an insurer who fails
to pay a covered claim or unreasonably delays the payment of a covered
claim can be held responsible not only for the amount of the claim
but for punitive damages as well. Both the law and judges and juries
who enforce the law look dimly on insurance companies who fail to
meet their obligations to an insured. Simply stated, you can’t
take premiums and then fail to pay claims.
Our founder, Howard Silverman, a member of the Million Dollar Advocates
Forum, has handled many insurance bad faith cases, and has obtained
substantial financial recoveries for his clients. He also has lectured
extensively on the topic of insurance bad faith law. If you believe
that you have been mistreated by your insurance company, please contact
an insurance bad faith lawyer at the Philadelphia law firm of Kane & Silverman, P.C.
|
|
