Insurance companies and policyholders agree to a number of terms in an insurance contract. For example, a company might agree to insure a business’s manufacturing plant in the event of a disaster such as a flood, in exchange for the corporation paying monthly premiums to the insurance company. What’s more, every insurance policy in California…
Worker’s compensation insurance is a legal necessity for most employers in California. The purpose of worker’s comp insurance is to provide a safety net for workers if they are injured on the job. There is no cost to workers to file a claim and the insurance must be provided and paid for by the employer.…
An insurance carrier and a policyholder have a contractual relationship. The policyholder pays premiums in exchange for insurance coverage for certain events and losses as set forth in the policy. Insurance bad faith occurs when an insurance carrier unreasonably fails to investigate or pay a covered loss, which happens more often than one might think. …
Bad things happen to good businesses and to good people. Most businesses and individuals carry insurance for this reason. But what happens when the insurance carrier denies payment on the claim without a reasonable basis for doing so? Or, what if the insurer fails to properly investigate the claim in a timely manner? Where can…
Why do businesses buy insurance? In essence, to buy peace of mind. Buying insurance, however, is very different than buying other products. When you buy that delicious cup of coffee at Starbucks you can see it, smell it and taste it. When you buy insurance, you hope you never use it, and you put your…
Businesses seeking insurance coverage most often have the short end of the stick when it comes to bargaining power in the negotiation of an insurance policy. Indeed, there is often no room for negotiation. Businesses need various types of insurance coverage to exist and operate and the insurance companies, with billions of dollars in their corporate pockets, largely dictate the terms of the policies and contracts that govern the necessary insurance coverage. Over the years, this disparate bargaining power led to insurance companies engaging in dilatory tactics, or “bad faith” cond
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