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If you have recently suffered a catastrophic loss and have a sneaking suspicion that your insurance company has not offered to pay you all that you are entitled to under your policy, you might be on to something.
Suspicion of Fraud
As I have discussed in recent articles, the recession has caused a spike in potentially fraudulent claims and "heightened awareness" on the part of insurance companies when reviewing new claims.
However, the suspicion of fraud is not the only reason you perceive a delay in the payment of your claim. While an insurance company is required to act in good faith in handling your claim, nothing requires them to "maximize" your coverage!
Profits vs. Payouts
According a new book by Jay M. Feinman, Delay, Deny, Defend: Why Insurance Companies Don't Pay Claims and What You Can Do About It, an insurance companies main objective is not to protect the insured, but to protect its profits. Obviously, you may have to hire an attorney to protect yourself.
Insurance Company Hall of Shame
If you are concerned that your carrier has engaged in the "Delay, Deny, Defend" tactic, check out the Halls of Shame and Fame at the Fight Bad Faith Insurance Companies website (www.badfaithinsurance.org). The number one "Hall of Shamer" is Berkshire Hathaway. The second "number one Hall of Shamer" is Hartford. Allstate and State Farm are both listed as number two. The website's Hall of Famers, ranked one through four are: Amica, Chubb, Allianz and Coventry Health.
If you have any further concerns, you may call the Hoag Law Group for a free consultation.