If you are having to deal with your own insurance company to pay a claim for personal or property damages and that company is not complying in good faith with the terms and conditions in the policy that you took out with that insurance company, that insurance company may be subject to bad faith and unfair and deceptive trade practices. When you make a claim on your auto, homeowners, life, health, or disability policy, you expect the insurance company hold up to their end of the bargain. After all, that is why you have paid your premiums for as long as you have.
North Carolina law provides in instances of bad faith for punitive damages up to three times your actual damages or $250,000.00, whichever is greater, against the insurance company acting in bad faith. When a company displays a pattern of unfair and deceptive trade practices, your damages can be trebled (tripled).
Insurance companies maximize their business profits by gladly collecting your monthly premium. When it comes to paying out on the policy; however, they will do whatever they can to minimize the payment of the claim or "lowball" you. The Devin Law Firm, P.A. will help to recover your actual damages through a process called binding arbitration found in your policy, which generally provides a more swift resolution of your case than a trial. Such action will not only stop there, as The Devin Law Firm, P.A. will also take action and recourse to put a stop to that bad faith conduct and unfair and deceptive trade by moving for punitive damages and treble damages respectively at trial.
The following is a list of instances where bad faith and unfair and deceptive trade practices by insurance companies can commonly occur:
INSURANCE DISPUTES & BAD FAITH
- Uninsured Motorist Claim-the at fault driver does not have insurance so you have to file a claim with your own insurance
- Underinsured Motorist Claim-the at fault driver does not have enough insurance coverage so you have to file a claim with your own insurance to collect the additional coverage you may have under your own policy
- Life Insurance Claim
- Disability Insurance Claim
- Homeowners Insurance Policy
- Health Insurance Coverage Disputes
- Cancelled Insurance Policy Disputes
- Collision Claim Property Damage Claim- insurance company fails to fairly evaluate the value of your vehicle
- Medical Payments Claim- many automobile policies contain coverage for medical payments regardless if you are at fault
Please contact The Devin Law Firm, P.A. in order to schedule an initial free consultation with an attorney who can then start assisting you throughout the process.