Insurance Bad Faith
If you are injured, you often rely on your insurance company to pay for your expenses as per your insurance coverage. After all, you have paid your monthly premiums. However, sometimes insurance companies do not do the best they can to manage your costs. They can deny your claims or even negotiate on your behalf poorly. In these cases, you may be entitled to compensation from your insurance company for bad faith.
Under Illinois law, an insurer has a duty to act in good faith and fair dealing to an insured when the recovery may exceed insurance policy limits. In an insurance policy, the insurer typically reserves the right to settle claims made under the policy and to conduct settlement negotiations. When there is an opportunity to settle a claim within the insured’s policy limits, an insurer must give the interests of the insured equal consideration with its own interests. A failure to do so would be bad faith.
The duty of an insurance carrier to settle a claim occurs when a third party makes a claim against the insured and there is (1) a reasonable probability of recovery in excess of policy limits; and (2) a reasonable probability that the court will find the insured liable for the claim.
If an insurer wrongfully refuses to settle a claim for its policy limits, and you obtain a verdict in excess of those policy limits, then you can pursue the insurer for bad faith to make them cover even those amounts of the verdict that exceed the insurer’s coverage limits. There are a number of steps that must be taken before all of this can happen. However, pursuing a claim for bad faith can potentially reap larger rewards to the plaintiff, increasing your possible compensation amounts. This is an area we handle O’Brien Law. We have decades of experience working directly with insurance companies to resolve bad faith issues quickly and with the compensation our clients deserve.
Attorney Daniel O’Brien has unique experience working with bad faith cases. For the first few decades of his career, Attorney O’Brien worked for insurance companies. He had the opportunity to see firsthand, and defend, insurance companies in cases that included potential bad faith litigation. Now that he works on the other side of the aisle, Attorney O’Brien is able to know what insurance companies can do to hold up the payment process and what counteractions can combat their resistance.
Attorney Daniel O’Brien knows what to look for in the details of your experience, knowing that proving bad faith can sometimes be difficult for less experienced attorneys. However, our team is dedicated to advocating for your rights with reluctant insurance adjustors.
Give us a call to talk about your insurance bad faith story. We will advocate for you.
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