At one point or another, it is likely that you will make a claim on an insurance policy. Whether it be homeowners, automobile or any other type of policy, we all pay premiums to ensure we are covered when we need it. However, more often than not, people who faithfully pay premiums encounter insurance bad faith.
Insurance is big business
An insurance policy is only as good as the payout it provides when you need it. A study by the American Association of Justice reports that the insurance industry in the United States takes in over $1 trillion in annual premiums — yet policyholders with valid claims are often not the recipients of that largesse.
As insurance lawyers in Oklahoma City, we work frequently with injured policyholders, negotiating and litigating insurance claims to obtain fair compensation. It is the nature of personal injury law to understand the tactics and techniques used by insurance companies to avoid paying full compensation on a claim.
Recognizing bad faith insurance practices
A claim of bad faith insurance practice may be made against an insurance agent or company who engages in behavior intended to delay or deny the payment or investigation of a claim reasonably made under a valid policy. Types of bad faith practices include the following:
- Unreasonable delay in initiating, investigating or paying a claim
- Outright denial of a valid claim
- Deliberate or deceptive interpretation of policy language to thwart recovery under the policy
- Failure to disclose valid coverage, or representing the insured as having less insurance than is actually available under their policy
You pay premiums to ensure financial recovery in an emergency. If your insurance company gives you the runaround, contact Cunningham & Mears. Pursuing fair insurance compensation is our business.