Holding Insurance Companies Accountable In Meeting The Deadlines Of The Prompt Payment Of Claims Statute
Insurance companies have short and very strict deadlines by which they are required to:
- Acknowledge receipt of your claim
- Make any “reasonable” requests for any forms, documentation or information
- Commence any investigation of your claim
- Timely notify you of the acceptance or rejection of your claim (usually within 15 business days after the insurance company has received any requested forms, documents or information)
If an insurance company does not comply with the deadlines of this statute, they are liable to the insured, in addition to the amount of the claim, for interest on the claim at the statutory rate of 18 percent. This penalty interest is assessed regardless of the amount the insurance company ends up paying.
As a policyholder, you want your insurance company to work quickly and fairly to resolve your claim so you can get on with repairs to your home or business. You have a right to expect the insurance company will comply with the Prompt Payment of Claims Statute: not only is it required by law, but it’s also why you paid your insurance premiums. If you are struggling to get your claim resolved or paid in a timely manner, talk to our lawyers regarding delay of insurance payments.
Hubble & Pistorius has a 25-year tradition of victory. We have resolved many cases involving delayed insurance payments for our clients. By reviewing our clients’ policies and documenting the missed deadlines, we can hold insurance companies accountable for their delays.
Getting The Coverage You Pay For
When an insurance company delays payment or does not investigate or handle a claim in a timely manner, it may be attempting to avoid paying a claim or find a way to reduce the amount of the payment. If this is occurring in your situation, you may have justification for an insurance bad faith claim in addition to your claim for delayed payment. Our attorneys can help you determine the validity of the insurance company’s acts or omissions, and our attorneys offer representation for any bad faith claims settlement practices. Our firm is one of the premier trial firms in Texas and we don’t back down from a fight.