An Overview of Insurance "Bad Faith"
Although insurance companies are legally and ethically bound to act in good faith when handling claims, they are, first and foremost, a for-profit business. In fact, insurance companies continue to reap records profits often reaching into the billions of dollars per year. One well-known automobile insurance provider had a program in place called “Bring Back a Billion.” As you can probably guess, the purpose of the program was to “bring back” to the company one billions dollars by paying less on claims.
As a business, insurance companies provide their services with the ultimate goal of maximizing profits and keeping losses to a minimum. Of course, there is nothing inherently wrong with a business trying to turn a profit as long as it does so within the boundaries of the law and honor the agreements they make with customers. When an insurance company violates the rights of its own clients and breaches its insurance contract, it may be considered “insurance bad faith.”
If you feel that you or someone you love has been wronged by an insurance company, Fuicelli & Lee, PC may be able to help you obtain compensation for your damages. If you have a question about the way in which your claim is being handled, please call or email us today. The lawyers of Fuicelli & Lee, PC are experts at the way insurance companies should handle claims. We will review your case free of charge and let you know if you may have a claim based on insurance misconduct.
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