What comes to mind when you hear “bad faith” being used in a sentence with “insurance claims processing”?
According to the International Risk Management Institute, Inc. (IRMI), bad faith is,
A term describing blatantly unfair conduct that exceeds mere negligence by an insurance company. For example, a bad faith claim may arise if an auto liability insurer arbitrarily refuses to settle a claim within policy limits, where an insured's liability is incontrovertible.
How Does Bad Faith Affect Contractors?
Our local networking group for restoration contractors and claims professionals will be discussing “bad faith” with licensed public adjuster and respected claims umpire, Roger Howson. If you are in Washington State, or the PNW, reach out to The DYOJO regarding the Fellowship of Construction Knowledge and Entrepreneurial Development (FoCKED).
In preparation for our conversation, we discovered this helpful from the Law Offices of Edward Cross. Brian K. Theis outlines three factors involved in determining whether there have been violations of the covenant of good faith and fair dealing for insurance claims.
How Does Bath Faith Affect Homeowners?
Insurance policyholders, which includes all homeowners, want to have the confidence that their policy will make them whole in the event of a water for fire damage to their greatest asset; their homes. Use this information to educate yourself and bolster your ability to advocate for what is right during the claims negotiation process.
If you want to prevent unfair conduct during an insurance claim:
Leave a Reply.
The DYOJO - helping contractors shorten