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Insurer settles bad faith claim with Florida insurance regulators

Insurers often try to deny claims or invalidate policies in hopes of not having to pay out claims. These bad faith insurers can result in policyholders having to pay for expensive repairs out-of-pocket, when they had fully expected their insurance company to pay for damages.

People pay their premiums, and expect that when something goes wrong, they will be able to file a claim and get the repairs or replacements of property that they need. When an insurer doesn't live up to their part of the agreement, they might be acting in bad faith. The Universal Property & Casualty Insurance Company recently agreed to settle claims that it didn't complete underwriting of policies in sufficient time, which may have resulted in unpaid claims or cancellation of coverage without sufficient notice to some policyholders.

The company agreed to change policies surrounding its underwriting procedures, and will pay the Office of Insurance Regulation in Florida $1.26 million in fines. They have also agreed to review 262 claims that it had denied. When insurance companies wrongfully deny claims to Florida property owners, they hurt people who might have been relying on their insurance to protect their belongings.

Bad faith insurers cause harm to people across Florida. Speaking with an experienced attorney who has handled denials of insurance coverage might be a wise decision. They can help a person understand their rights and fight to have their claim accepted. Getting a claim accepted means a person can move forward with their life after what may have been a traumatic incident.

Source: Claims Journal, "Florida Insurer Agrees to Settlement Relating to Underwriting, Claims Practices," Oct. 9, 2013

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