The Basics of Bad Faith Insurance in Oklahoma
When an insurer fails to uphold its obligation of good faith and dealing when settling a client's claim, policyholders can suffer serious penalties. Fortunately, there are laws and regulations allowing victims for holding insurance companies accountable for their acts. If you or a loved one has been in an accident and you believe your insurer behaved in bad faith, you should contact an expert bad faith insurance lawyer who can assist you in recovering damages for your loss.
Insurance for Bad Faith
• Intentional twisting of policy language for avoiding pay coverage;
• Delaying claim without any proper reason;
• Claim investigation failure
• Illogical proof demands of policyholder's loss;
• No success to reveal policy provisions;
• Implementing unacceptable standard for claim denial;
Bad Faith Law's Origins
Bad faith law originated as a common law notion requiring insurers to act in good faith and fair dealing. With the enactment of the Unfair Claims Practices Act, which forbids specific acts judged to be in bad faith, this legal principle was later adopted into Oklahoma state law. Via the Employee Retirement Security Act, which oversees employee benefit plans, federal laws also cover certain parts of insurance law.
Damages
If an insurer is proven to have behaved in bad faith, it may be held accountable for damages in excess of the policy limitations. Attorney's expenses, economic loss, emotional distress, and punitive damages may all be included in a victim's restitution.
Insurers who operate in bad faith are frequently awarded large punitive damages by courts. The amount evaluated against the insurer is typically depending on the insurance company's assets rather than the policyholder's losses.
The Importance of Legal Counsel
Most insurance firms have decades of expertise using misrepresentation or misinterpretation of policy language to deny claims. They're also backed by a formidable in-house staff of legal insurance professionals. The insured needs aggressive and competent legal representation to improve their chances of winning a bad faith claim when the odds are stacked against them.
A skilled bad faith insurance lawyer can not only help you win your case, but also maximize the amount of compensation you receive. The west Law Firm includes bad faith insurance. This means that plaintiffs can sue for damages in addition to being compensated for expenses incurred as a result of the refused claim, such as lost earnings and medical treatment.
** Disclaimer: The above article does not imply a relationship between attorney and client, nor is it legal advice.