Memphis Insurance Bad Faith Attorney
Has your insurance claim been wrongfully denied or delayed?
Insurance bad faith is a legal term used to describe wrongful insurance practices. Usually, this involves an insurance company wrongfully denying your claim or unnecessarily delaying your claim. If you are a paying policyholder, the insurance company is obligated to handle your claim in a timely matter and ensure that you get the coverage you’ve paid for.
If you’re having trouble securing coverage from your insurance company, contact the attorneys at Reaves Law Firm today!
Breach of Contract
If you have an insurance policy that you have paid and/or regularly make payments on, you have entered into a contract with an insurance company. Your obligation is to make payments on the insurance policy, and your insurance company’s obligation is to provide coverage in the event of an incident that the policy covers. If you have fulfilled your obligations but the insurance company is not fulfilling its obligations, you may have a breach of contract claim for insurance bad faith.
Tennessee’s Insurance Code
The insurance code of the state of Tennessee can be found in Title 56. The state code mandates the requirements for all insurance companies, including financing and operating. Insurance companies are typically required to be overcapitalized, which means that they should have more money (comparatively) so that, in the event of a high volume of claims, they have enough money to pay all those claims.
When does bad faith happen?
Bad faith typically happens when there’s a natural disaster. Natural disasters usually mean that there is a large influx of high-value claims all coming in at the same time. In some cases, insurance companies cannot sustain these types of losses, so they delay or deny claims wrongfully. This might happen in the event of:
- Wildfires, and more
If you believe that your insurance company is wrongfully denying your claim, contact the attorneys at Reaves Law Firm today. These insurance companies are large corporations that handle these types of cases every day. Secure an advocate who can be your voice against even the fiercest competition.