Insurance “Bad Faith”
What You Should Know About Insurance "Bad Faith"
Insurance companies are for-profit businesses. As a business, insurance companies provide their services with the ultimate goal of maximizing profits and minimizing losses. It is completely acceptable for a business to generate a profit as long as it does so legally and honors 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.”
Insurance companies are legally and ethically bound to act in good faith when handling claims. In fact, insurance companies continue to make record profits often reaching into the billions of dollars every year. For example, a well-known automobile insurance provider created a program called “Bring Back a Billion.” In other words, the purpose of the program was to “bring back” to the company one billion dollars by paying less on claims. It may be assumed that this particular company could have participated in insurance bad faith to reach its financial goals.
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 receive 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 bad faith.