Fort Lauderdale First-Party Coverage Dispute Lawyer
After a natural disaster or other emergency, the only thing you may take comfort in is that you have the protection of insurance that will help you eventually recover. It is natural to expect that your insurance company will be there for you when you need them. Sadly, this is not always the case. Insurance companies sometimes act unfairly by delaying or denying valid claims made by policyholders. Our Fort Lauderdale first-party coverage dispute lawyer can help you resolve the dispute so you obtain the best possible outcome.
How Does First-Party Coverage Work?
Insurance policies are legal and binding contracts between the policyholder and the insurance company. The policyholder purchases the policy in the event that they ever need coverage. They are known as the first party. The insurance company is the second party. If there is another individual involved, such as a customer who became hurt on a business’ property, they are known as the third party.
When the first party files an insurance claim, they file it against their own insurance company. This is how property damage and auto accident claims work. The first party then typically has the right to obtain coverage they purchased in accordance with the terms of the policy. Most people will purchase and carry some type of first-party coverage in their lifetime. Common examples of this type of coverage include:
- Homeowners insurance
- Personal injury protection (PIP)
- Business insurance
- Auto insurance
- Uninsured motorist coverage
- Health insurance
- Life insurance
- Tenant’s insurance
- Disability insurance
What Duty Do Insurance Companies Owe First Parties?
Insurance companies have a fiduciary duty to first parties. This means they must treat them honestly and fairly at all times. To avoid breaching that duty, insurance companies have a number of responsibilities to first parties. These include:
- Offer a fair settlement when it is reasonable to do so
- Specifically state, in writing, the coverage provision that allowed the settlement
- Not settling a claim under one provision of a policy to influence a different type of coverage or a separate provision
- Provide the insured with the insurance policy upon request
- Providing a settlement in a timely manner
- Properly represent material facts pertaining to the policy
- Act quickly to acknowledge communication from the insured
- Conduct a reasonable investigation before denying a claim
- Accept or deny a claim within 30 days of a claim being submitted
- Provide a reasonable explanation, in writing, when denying a claim
- Notify a policyholder promptly when additional documentation or paperwork is required
When the insurance company fails to do any of the above, they are acting in bad faith and can be held accountable for it. It is important to work with an attorney who can help you resolve these disputes, either inside or outside of the courtroom.
Our First-Party Coverage Dispute Lawyer in Fort Lauderdale Can Help with Your Case
If you have submitted an insurance claim and are now involved in a dispute, you need legal help. At Geyer Fuxa Tyler, our Fort Lauderdale first-party coverage dispute lawyer can provide it and help you obtain the best possible outcome. Call us today at (954) 990-5251 or fill out our online form to schedule a consultation with our experienced attorney.