Fighting against an insurance company. It is a harsh way of putting it, but that is what it amounts to if it can be put that way. Information is required by commercial and domestic policy holders on what an insurance claims lawyer may propose to do in retaliation to large insurance firms’ refusal to settle claims amicably or settle at stated or previously agreed values. The bigger the insurance contract, the more important it becomes to have more info at hand to retain legal representation, even when reviewing policy details when policies are up for renewal.
In the event of facing the prospect of a claim rejection or failed settlement outcome, what is to be done, first and foremost. In the first instance, policyholders should always retain every shred of correspondence being shared or dispersed by the insurance handler. And with the rise in social media activity for the purported purpose of streamlining and conducting business in a more convenient manner, there should still be an insistence to keep every aspect of the insurance contract and subsequent claims documentation in writing.
This will pertain to annual and/or quarterly reviews of policy contracts. Whether reviewing a domestic policy or more complex commercial contract, it would be ideal to seek independent counsel. Ensure that your insurance broker is not affiliated to the insurance company concerned. And ensure that he will be acting solely on your behalf. Regard the appointment of a competent and appropriately registered insurance agent as a long term arrangement. The larger your business, the more likely that there will need to be claims lodged.
The services of your broker pertains to all other administrative matters as well. The insurance agent can handle your claims submissions on your behalf. And in the event that a claims dispute or rejection is imminent, he may be better positioned than you to seek the legal representation required. This could be pertinent in the event that aspects of the incident that led to the claim being lodged that identify you, as a sole business owner, as being liable. Nevertheless, having legal representation stands you in good stead to reduce your liabilities legally.
Having to pay legal fees is well worth the effort when taking into account the potential for positive outcomes. Also note that in most cases, a commercial insurance contract does make provision for recouping legal fees up to a certain amount. It is also worthwhile retaining the services of a legal representative during annual or quarterly policy reviews. New proposals or policy updates made by the insurer will come to light. And who better than your legal representative to identify whether or not these will be materially and financial favorable to you going forward.
Such a thorough policy review process also diminishes the likelihood of claims being rejected or under-estimated in the future. There are, of course, numerous reasons for a claim being rejected. Your attorney and insurance agent remain well-placed to determine whether any such rejections are valid or not.