It shouldn’t be a big surprise to learn that insurance companies keep their profits up when they avoid or reduce their liability for claims. No matter what they may say in their advertisements, maintaining their profit margin is always their chief concern and they use all available resources to achieve this goal. It is vital that people who have been injured understand that an insurance company is not their friend and does not have their best interests at heart.
When you are settling an injury claim, insurance companies have many advantages working in their favor, such as the benefit of personnel and financial resources. Insurance companies also know that injured individuals are often in desperate need of compensation and seldom realize the appropriate amount of money they deserve for their injuries.
Realizing this, many insurance companies delay processing claims and then offer settlements, which don’t take into account the various types of compensation to which an injured person may be entitled. This strategy is known as bad faith insurance tactics, wherein insurance companies try to deny or delay paying a valid claim. When insurance companies deny full payment, low ball, discount, pay late, or attempt to not pay out a claim, they are failing to carrying out their fiduciary duty and acting in bad faith. Under federal and Arizona state laws, an insurance company has an implied contractual covenant of good faith and fair dealing to persons covered, as well as third-party claimants. Under this law, an insurance company that engages in bad faith insurance tactics can be sued for both a contract claim and a tort claim.
At Baird Williams & Greer, we know what rights injured individuals have under Arizona law. We go toe-to-toe with insurance companies, working toward fair settlements, and we are prepared to go to court against bad faith insurance companies if necessary to obtain reasonable compensation for our clients.
When a person suffers an injury because of the negligence of another person, the responsible party (or his/her insurance company) is obligated to compensate the injured person. Typically, the total amount includes several types of economic and non-economic damages, which could include the following:
- Past and future medical expenses
- Past and future lost wages
- Pain, suffering, disability, or loss of enjoyment in life
- Loss of consortium and household services for a spouse
- Punitive damages in cases or willful or reckless conduct
It is imperative that injured people recover full compensation, as serious injuries can have a substantial and permanent impact on their finances. Injuries can also strengthen the bargaining position of an injured party and oftentimes can convince an insurance company to offer a reasonable settlement.
It is difficult to overstate the importance of having an experienced attorney on your side when you are going up against an insurance company. You need an advocate in your corner to gather evidence and build a case which convinces the insurance company that the law is on the side of their client. If the insurance company remains intractable or engages in bad faith insurance tactics, experienced attorneys can file a bad faith claim against the insurance company to aggressively pursue compensation on behalf of their clients in court.
If you have been injured in an accident and need aggressive representation in a bad faith insurance claim, please contact Baird Williams & Greer to discuss your options.