Insurance Bad Faith - Duties of the Insurance Company.
An insurance company has a duty not only to its policyholders, but also to persons its policyholders harm (such as those injured in a car accident). The duties vary depending upon the circumstances. For example, some claimants will be classified as "first party" or "third party" persons. Their rights vary greatly depending on their classification.
In the case where someone’s property is damaged, such as a house (via sinkhole or hurricane) or a car, these persons are often “first party” claimants. The insurance company is supposed to investigate and in good faith determine whether the damage is covered. Based upon that investigation, the insurance company is supposed to then pay the value for the damaged property.
Insurance companies often decline claims without properly investigating them or deny legitimate claims.
Needless to say, insurance companies often decline claims without properly investigating them – or even worse, deny legitimate claims. This is what is known as insurance bad faith. It also occurs when the insurance company improperly refuses to defend a lawsuit or pay a judgment or settlement of a covered lawsuit. In these circumstances, we can make them pay – not only the compensatory damages our client suffers but also punitive damages.
Insurance companies may be liable for punitive damages when bad faith occurs. Punitive damages awards serve the same purpose as criminal penalties. However, because civil defendants are not accorded the protections afforded criminal defendants, punitive damages are difficult to sustain without proper legal representation. Thus, courts have instructed courts reviewing punitive damages to consider (1) the degree of reprehensibility of the defendant’s misconduct, (2) the disparity between the actual or potential harm suffered by the plaintiff and the punitive damages award, and (3) the difference between the punitive damages awarded by the jury and the civil penalties authorized or imposed in comparable cases.
Contact us today and let our Florida lawyers help you to resolve your Insurance Bad Faith matter quickly, efficiently and with integrity.
Please contact our Florida insurance bad faith lawyers for a free consultation. We most likely can help you fight the improper denial of your insurance benefits and help you to resolve your insurance dispute quickly, efficiently and with integrity.
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ALACHUA: (352) 505-8900
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