While they want you to believe they are your good neighbor and that you’re in good hands, there are some things your insurance company doesn’t want you to know. Daly and Black, PC, has assembled this short list to help policyholders understand and gain an advantage against predatory insurance companies. When your insurance company attempts to reduce their obligations to you, keep these principles in mind while dealing with an insurance claim.
1. Insurers Seek to Deny Your Claim
When an individual or a company purchases an insurance policy, the expectation is that the insurer will pay a claim fairly. Insurance companies don’t want you to know that their business model depends on paying out as little money as possible to satisfy your claim. When an insurer pays a claim, their profits go down. Insurance companies will do anything they can to discredit your claim and to find ways to increase their profitability.
2. Insurers Don’t Want You to Hire an Attorney
Insurance companies know that you will receive a better settlement when you have an attorney on your side. They will discount the usefulness of an attorney and say that attorneys are only out to make money on your case. This is often not true, however, because many law firms, including Daly & Black, PC, charge no out-of-pocket expenses for their services. They collect attorney’s fees out of the settlement proceeds paid by the insurance company and are often only compensated upon success. If we the attorney you hire is unable to secure recovery, they collect no fee, and their clients are not responsible for reimbursing any of our expenses.
3. Insurers Must Act in Good Faith
Insurers must act in good faith when discharging their responsibilities to the insured. While they will try to reduce your claim amount, they must act by your policy, and they must cover your claim without unreasonable delays.
4. Ambiguity Must Favor the Policyholder
Often, insurance policies are written in the most confusing language possible. This is a trick to create loopholes for the insurance company so that they can reduce your claim or avoid paying it altogether. When a policy is too confusing or poorly written, the insurance company must decide in favor of the policyholder. Daly and Black, PC uses highly skilled and experienced attorneys to help interpret difficult policy and negotiate on your behalf.
5. Insurers Lobby to Limit Your Rights
One of the most disturbing things that the insurer doesn’t want you to know is that insurance companies pay large sums of money to lobby politicians to limit your legal rights against them. They also want to limit your right to sue the person or company who is at fault in your claim. Insurance companies’ lobbying means that they do not always have your best interests at heart. Keep this in mind when you are choosing an insurance company.
6. Free Claim Evaluation is Available
If you feel you are lost in the claims process and would benefit from assisting you with your claim, you should have an experienced insurance claim attorney evaluate the details of your claim to see whether your insurer is breaching its contract and/or acting in bad faith. When you need to determine your rights in a potential bad faith insurance claim, the attorneys at Daly and Black will gladly perform a free case evaluation to analyze the factual details of your claim and provide you the information necessary to proceed in your best interest.