| Insurer's Duty of Good Faith and Fair Dealing in Handling Claims of Insureds and Third Parties |
| |
| If an insured does not think that his insurer handled his claim properly, he may have some recourse. Every contract contains an implied covenant of good faith and fair dealing that neither party will hinder the right of the other to receive the benefits of the contract. The duty imposed by this covenant applies to insurers and insureds. Some courts go so far as to hold the insurer to be a fiduciary to the insured.More... |
| |
| Policy Construction Against Insurer |
| |
| Insurance policies are contracts drafted by insurers, but the terms are not always clear and unambiguous. When a dispute arises between an insured and an insurer as to the meaning of a policy, courts sometimes become involved to provide a construction of the ambiguous term, as they do with other types of contracts. Disputes usually involve which risks are included in coverage, exclusions from coverage, conditions that must be fulfilled before coverage applies, and forfeitures of the policy.More... |
| |
| Attaching an Insurance Application |
| |
| An applicant's completed application for insurance may be attached to a policy issued by an insurer to the applicant. If the application is attached, it is considered part of the policy. Some state statutes require attachment and a statement in the policy that the application is attached.More... |
| |
| Contingent Business Interruption Insurance |
| |
| Business interruption insurance is a form of property insurance that reimburses a business for losses that arise due to damage to the property of the business that reduces the ability of the business to continue its operations. Contingent business interruption insurance is also available to provide coverage for business continuation losses occurring to a business when property of another business is damaged or destroyed.More... |
| |
| Payment of Claims |
| |
| Time of paymentMore... |
| |
