Bad Faith Insurance Practices Explained by a Bad Faith Litigation Lawyer Chicago, IL Trusts
It’s an unfortunate fact that insurance companies often care more about their profits than their loyal customers. If you have filed a valid claim and yet, your insurance company denied it, you may need the help of a bad faith litigation lawyer Chicago, IL relies on. At Childress Loucks & Plunkett we see instances of this on a regular basis. When a person experiences a calamity and must file an insurance claim as a result, they have a reasonable expectation that their own insurance carrier will honor their responsibility to approve their claim. And yet, too often they do not offer a reasonable settlement within a reasonable period of time. That may not change until the claimant hires a Chicago bad faith litigation lawyer to protect their rights. If your insurance company refuses to work with you, give us a call. After a complimentary consultation with our bad faith litigation lawyer in Chicago, IL, you will have a clear understanding of how we may be able to help you.
What are bad faith insurance practices?
There are many kinds of insurance policies, and many insurance carriers specialize in offering one or another type such as health, motor vehicle, aviation, etc. However, what they share in common is that they might act in bad faith when it comes to paying out a claim. Here are several instances of how this might affect a customer:
- They deny a valid claim for an invalid reason.
- They deny to offer a potential customer insurance coverage for an invalid reason.
- They do not issue a claimant the full range of benefits for which they qualify.
- They significantly or endlessly delay in paying out a claim.
- They significantly or endlessly delay in processing the claim, neither denying it nor accepting it.
- They hire physicians, investigators, and others to come to conclusions that benefit the insurance carrier rather than provide an objective opinion that might benefit the customer.
If you had to add up the amount of money you have paid in insurance premiums for automobile, home, medical, disability, business and other types of coverage, the number would likely take your breath away. If you rarely, or never, filed a claim you have little or no knowledge of how to deal with insurance companies when the time comes to actually do so. There are many insurance companies that count on that fact and use several tactics to delay or prevent your claim from being paid at all.
Many people assume that the settlement they may receive after filing a claim is the best the insurance company will pay and settle for the amount given. If your claim is denied, there are a lot of people who will not fight to get a legitimate claim paid and will simply accept the denial and move on. The insurance companies count on that. Even a delay in paying an approved claim can add dollars to the insurance company’s investment profits by allowing them to hang on to your money longer.
If an insurance company uses these tactics for delaying or denying legitimate claims, they may be guilty of operating in bad faith. This is illegal and you have the right to file a complaint against the company to get them to pay your claim. A bad faith litigation lawyer Chicago IL will represent you and fight to get the settlement you justly deserve.
What is bad faith litigation?
Many claims, especially those which are not of high value, are resolved quickly and painlessly by the insurance company. On the other hand, claims which are for many thousands of dollars may not get the same treatment. This is not fair as they should be handled as expediently and fairly as lesser value claims. To correct this injustice, it is sometimes necessary to take the insurance company to court in order to compel them to follow the law. When an insurance policyholder alleges in a civil suit that an insurance company has not honored their side of the agreement, this is known as bad faith litigation.
Things You Should Know About Your Insurance Company
A bad faith litigation lawyer Chicago IL will explain to you there are regulations in place that protect the insured’s from the insurance provider’s attempts to get out of paying a claim. These principles include:
- An insurance company is obligated to act in good faith. If you experience an unreasonable amount of time between when you file the claim and when you hear if it has been accepted or denied, they may be in violation of that good faith and the insurance provider could be subject to fines that could be substantial.
- If your insurance claim is unjustifiably denied, the insurance company is said to have breached its duty of good faith. If you go on to sue the company to recover the settlement, the insurer is responsible for paying all your attorney and legal costs.
- If your coverage was misrepresented by the insurance agent at the time you purchased the policy, the insurer is required to honor what the agent represented the policy to be.
- If any of the policy is written to be vague or ambiguous, the interpretation of the policy will be judged in your favor, not the insureds. If you can prove that the language in the policy provision is unclear, you should have a reason for the coverage to be provided.
There are steps to take when considering legal action against an insurance company to fight for a claim you feel was unjustifiably denied, delayed or the amount of settlement was not comparable to the submitted claim. Trying to fight your insurance provider alone can be daunting and intimidating. Enlist the assistance of experienced bath faith litigation lawyer Chicago IL who will make sure your rights are represented and upheld.
We Protect the Rights of Families, Individuals, and Businesses
Regardless of the type of insurance policy you have, if the carrier is not upholding their duty to you as the customer, you may benefit from working with a legal professional from Childress Loucks & Plunkett. If your insurance company is not acting in good faith, we will make every effort to resolve the issue without resorting to litigation. However, if necessary, we can take the insurance company to court on your behalf. We encourage you to find out more about how we might be able to assist you. Childress Loucks & Plunkett offers a free consultation so call us today to schedule a case review with our knowledgeable and helpful bad faith litigation lawyer Chicago, IL trusts.