Insurance and Bad Faith
In its simplest terms, insurance is a way to manage risk. Most people and businesses have insurance; however, they often do not think about the insurance policy details or coverages until there is a loss. Insurance is a contract between an individual or a business and an insurance company, where the insurance company agrees to pay for losses or damages suffered by the individual or business in exchange for payment of a premium. Insurance coverage refers to the protection provided by the insurance policy. The policy outlines what types of losses or damages are covered, the terms and conditions of coverage, and the extent of coverage. Bad faith claims arise when an insurance company fails to fulfill its obligations under the insurance policy. This can happen when the insurance company fails to investigate or process claims promptly, denies claims without a reasonable basis, or engages in other unfair practices. Bad faith damages, or extra contractual damages, are often substantial and may involve penalties and attorney’s fees. They frequently exceed the limits of the insurance policy that is the subject of the claim.
At Barry, Rome & Scott we have extensive experience analyzing and advising clients on all aspects of insurance coverage for all types of insurance. We have decades of experience in drafting insurance coverage opinions, litigating coverage disputes and bad faith claims. Contact us today if we can assist you with your insurance coverage or bad faith claims litigation.
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