You carry different types of insurance to protect your financial and personal interests from loss, so you expect to be covered by the policy provisions in exchange for paying premiums. Unfortunately, not all insurance companies uphold their end of the bargain when their policyholders file claims. Insurers may fight or deny your claim for suspicious reasons, but New York insurance laws do prohibit certain forms of conduct. When a company violates the statute on unfair claim settlement practices, it could be subjected to a monetary penalty of $1,000 per offense as punishment for insurance bad faith.
However, a fine levied against the insurer does not compensate you as a policyholder when you sustain losses because of misconduct. Instead, you may have rights under insurance bad faith laws, which allow insureds to recover damages for wrongdoing by the insurance company. The team at Poltielov Law Firm P.C. is experienced with these cases, so we are ready to fight for your rights. Please contact us to schedule a free case review with a New York insurance bad faith lawyer, and check out some important information about the laws.
What is Insurance Bad Faith?
An insurance policy is a contract between the insurer and policyholder, so the core of a bad faith insurance claim is breach of contract by the company. The key challenge is that misconduct by insurance companies is rarely outwardly obvious, and their tactics are designed to wrongfully deny, delay, or withhold benefits to protect their own bottom line. Therefore, you should be aware of the signs of insurance bad faith, such as:
- Delay tactics;
- Refusing to conduct a proper investigation;
- Repeatedly handing off your claim to different employees;
- Making threats; and,
- Failing to defend when someone files a lawsuit against you.
Compensation for Policyholders
In a successful bad faith insurance case, you might qualify to recover the amount requested in your initial claim for coverage. When you have a valid claim, you should be paid in a timely manner according to the policy terms. Plus, you may be able to obtain damages for:
- Consequential costs that you would not have incurred if the insurance company complied with its contractual obligations;
- Emotional distress, in some cases where you suffered harm as a direct result of insurance bad faith; and,
- Punitive damages, which aim to punish the insurer for intentionally failing to pay a rightful insurance claim.
Assistance with Insurance Bad Faith Claims
Our New York insurance bad faith attorneys at Poltielov Law Firm P.C. will guide you in pursuing legal remedies. Many cases settle by agreement, and we are aggressive in negotiating a fair amount that will fully cover your losses. However, we are prepared to take your case to court if the insurer refuses to pay sufficient compensation.
Set Up a Consultation with a New York Insurance Bad Faith Lawyer Today
For additional details and personalized advice, please contact Poltielov Law Firm P.C. or call us now at 718-880-2911 to set up a no-cost consultation with a New York bad faith insurance attorney. We can explain how the laws apply to your case after learning more about your situation.