New York City
Bad Faith Insurance Attorney
Negotiating with an insurance company after getting in an accident can be tricky, even in the best of times. Hopefully, the insurer will thoroughly investigate your claim and offer a settlement that fairly covers your financial needs, and you can move on with your life confident that the cost of your accident is covered. Unfortunately, this isn’t always the case. Sometimes, insurance companies enter into negotiations without any intention of offering a fair settlement or even offering a settlement at all. If the insurance company is found liable for negotiating in bad faith, they could be punished with large fines and punitive damages.
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What does “Bad Faith” Mean?
Bad faith is a term that is used when an insurance company improperly denies a claim without a reasonable basis or refuses to offer a settlement consistent with claims of a similar nature without a reasonable explanation. Insurance companies, like any organization, company, or person that enters into a contract, are expected to negotiate with honesty, fairness, and in good faith. This includes thoroughly investigating any claim in order to offer a reasonable settlement based on the relevant factors.
Along with failing or refusing to investigate a claim, there are a variety of ways an insurance company could display bad faith negotiation tactics:
- Taking an unreasonable amount of time to respond to your claim
- Failing to provide clear reasoning as to why your claim was denied or the amount offered was low
- Improperly citing laws in an attempt to give an explanation
- Withholding information or delaying negotiations in an attempt to allow the statute of limitations to expire
- Using false information, including medical or legal terms, in an attempt to justify a low settlement offer or claim denial.
Insurance companies have a vested interest in keeping their settlement offers low, but when that interest becomes more important to them than adequately serving their customers, they may resort to bad faith negotiation tactics. If this is the case, it may be in your best interest to hire a law firm to assist you in securing the financial compensation you deserve.
Contact The Perecman Firm Today
Our New York City attorneys at The Perecman Firm, P.L.L.C. have been representing clients for over 40 years, and have successfully recovered over half a billion dollars in verdicts and settlements. Fill out the form on our website for a free case evaluation, or give us a call at (212) 577-9325 to set up a meeting with one of our NYC attorneys to discuss your bad faith insurance claim.
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