Colorado Insurance Bad Faith Attorneys | Gold Law Firm
When you purchase an insurance policy, you are essentially entering into an agreement with the insurance company. As long as you pay your premiums and keep your insurance policy in good standing, they agree to provide the benefits stated in the contract. In the case of automobile insurance, your insurance company agrees to cover you in case the unexpected happens and you are injured in an automobile accident.
What is Insurance Bad Faith?
Unfortunately, there are situations when insurance companies fail to uphold their end of the agreement. If an insurance company unreasonably denies your claim, they are considered to be acting in “bad faith”. While claim denial is a common reason for filing a bad faith lawsuit, there are many other ways an insurance company can commit bad faith:
- Failure to investigate a claim
- Refusing to settle a claim
- Unreasonable translation of the policy
- Failure to reimburse you according to the policy limits
- Delay of payment
- Unreasonable denial of a claim
Each one of these situations results in a breach of contract. Luckily, laws have been created to uphold contracts that have been breached and protect you from such situations. If you have been denied a legitimate insurance claim by your insurance company, it is important to contact an experienced personal injury attorney immediately. Your attorney will need to meticulously review your insurance policy to determine if your insurance company has unreasonably denied your claim and therefore acted in bad faith.
What to do in case of Insurance Bad Faith?
Your insurance company is responsible for acting on your behalf and negotiating with third parties with your best interest in mind. Instead, many insurance companies negotiate claims that suit their own company’s interests – not yours. If your insurance company fails to pay a claim or falsely denies your claims, you may be entitled to sue for breach of contract, breach of fiduciary duty, bad faith and even for violations of the Colorado Consumer Protection Act. In addition, you may be eligible for up to three times the amount of insurance benefits currently owed to you.
If you suspect your insurance company of bad faith practices, it is important to contact a Colorado bad faith attorney immediately. Insurance companies have large legal firms dedicated to protecting their assets and it is crucial that you obtain your own legal representation before attempting to file a claim. In addition to taking legal action, you should immediately report your insurance company to the Colorado commissioner of insurance.
Contact our Denver Bad Faith Insurance Attorneys
If you have had an insurance claim denied or believe that you have been the victim of bad faith practices by your insurance company, contact the Gold Law firm today. The Gold Law firm has successfully handled numerous bad faith lawsuits throughout the state of Colorado and will always work to negotiate a full and fair settlement. Contact the Gold Law Firm today for a free consultation at (303) 694-4653.