It May Not Be Too Late To Negotiate A Better Settlement With Your Insurance Company
With the recent release of the Sheriff’s Department investigation and this summer’s update of over $120 million to the cost of damages, the Black Forest fire of June 2013 is back in the news and back in people’s minds. Of course, if you suffered a loss as a result of the fire, it is something you have thought about daily for many months. Fortunately, Colorado statute requires insurance companies to negotiate in good faith, but it also provides insurance companies a two-year limitation, which means that time is short if you are still hoping to obtain a full claim settlement from your insurance company.
Attorney Terry Rector, as a victim of the 2012 Waldo Canyon fire, knows this reality very well and has broad experience negotiating fire claims on behalf of homeowners who have not received what they are owed.
Insurance Companies Must Act In Good Faith
When it comes to the investigation and payment of claims, insurance companies must act with utmost good faith and fair dealing in the interpretation of their policies. When your insurance company unreasonably delays or denies a claim, or breaches its duty and implied covenant of good faith and fair dealing, you may need to take legal action in order to recover the policy benefits you are owed.
If an insurer engages in unreasonable delay or denial, puts its own financial interests ahead of the financial interests of the policyholder, or low-balls and underpays claims, that conduct is unlawful under Colorado law.
Colorado Revised Statute 10-3-1115 states:
“A person engaged in the business of insurance shall not unreasonably delay or deny payment of a claim for benefits owed to or on behalf of any first-party claimant.”
Insurance companies must be fair to their policyholders. The violation of any of these standards constitutes a violation of the duty of good faith that the law imposes on insurance companies, and exposes the carrier to potentially significant damages.
Colorado Revised Statute 10-3-1116 provides a remedy for such denial or delay in the form of reasonable attorney fees, court costs, and two times the covered benefit.
Contact Our Colorado Springs Bad Faith Insurance Attorneys
If you have any questions about your Black Forest fire claim and your insurance company’s handling of it, give our Colorado bad faith insurance lawyers a call today. The consultation is free. Most importantly, it is imperative that you act well before the statute of limitations eliminates any claim you may rightfully have. Call us at (719) 578-1106 and let us help you get what you are owed.
