Bad faith insurance is breach of the contract you have signed with an insurance company. The law seeks to penalize insurance companies who have delayed, denied or withheld the benefits that policyholders should receive.
Once a person signs an insurance policy, he or she agrees to pay all monthly, bi-monthly, quarterly or annual fees that go with it. In return, the insurance company should also remain faithful to their responsibility in case of auto accidents or death. The company should show enough professionalism towards their responsibility to their clients, especially if they have paid for their insurance payments on a regular, punctual and timely basis.
One bad faith practice is when the company tells you that it took you too long to file for the recovery of damages. Truth is that as long as you are under the responsibility of an insurance company, you have every right to file recovery at any time you are comfortable, especially if certain situations have hindered you from filing for an immediate recovery for damages. An insurance company should have fair judgments for their clients.
New York Law states specific duties that insurance companies should fulfill at all times. Policyholders who make honest claims should not, in any way, be denied of their right for benefits. Insurance companies are mandated to settle claims in a specific time frame. The law also requires all insurers to cooperate fully and promptly in case a policyholder needs their immediate attention. In practice, insurance companies should also put into writing all precise reasons why a claim or benefit will be denied. The law encourages insurers to act fairly, responsibly and honestly at all times. The law compels them to do so, otherwise due punishment will be given.
Insurance companies actually make much money by denying your claim for compensation. Millions of policyholders invest billions of money into insurance companies to protect them from any risk, without knowing that the insurance companies they are paying are the risks themselves. Thousands of people have not been paid, and insurance companies still refuse to do so because of several 'valid' reasons.
Insurance companies have boosted their bottom lines by not paying claimants, which is why it is time for you to act. If you are victim of bad faith insurance practices, you should consult a New York personal injury lawyer today. Injury lawyers will guide you and help you get the compensation that you deserve. If an insurance company has denied a valid claim, it is time for you to get the aid of a lawyer. This will assure you that your personal case will be held strictly confidential, and that the lawyer will do everything in his power to make your insurance company learn their lesson.
Anyone who has experienced "bad faith" from any insurance company should consult with experienced car insurance attorneys. A policyholder has every right to claim a New York bad faith insurance claim. Anyone who signs insurance and has followed all necessary rules and payments should be compensated fully and promptly. For more information on insurance bad faith, contact a New York car accident attorney at Wingate, Russotti, Shapiro, Moses & Halperin, LLP at (212) 986-7353 to discuss your specific situation with an experienced bad faith insurance attorney.
Wingate, Russotti, Shapiro, Moses & Halperin, LLP was successful in winning one of the leading recent insurance bad faith cases in New York State.
Philip Russotti, William Hepner