Insurance lawyers provide legal representation in a range of matters related to insurance law. They are often litigators, but they can also work in compliance and lobbying.
The insurance industry is heavily regulated, and attorneys need to be knowledgeable of these laws. They also need to remain up-to-date with changes and amendments.
Insurance policies are contracts between insurers and insureds that outline what kinds of claims the insurer is agreeing to pay. They also describe the responsibilities of both parties when a claim is made.
Policy language determines how much an insurance company will pay in a loss, including the policy’s deductible, policy limits and premium payments. This process of pooling risks and premiums creates a fund that is used for money market investment to generate income and profit for the company.
Insurers can use this fund to pay out a substantial judgment that the insured wins, such as in a breach of contract case or a lawsuit for a product liability suit. This helps the company avoid paying a large sum of money from their capital, which could put them at risk of losing it altogether.
The best way to understand your insurance policy is to read it carefully and thoroughly. This will help you verify that the coverage meets your needs and protect you from disagreements with your insurer in the event of a loss.
Insurance companies are supposed to protect you in the event of an accident or injury. In return, they must be professional and fair in handling your claims. However, insurance companies sometimes fail to uphold their responsibilities and you may have grounds for filing a bad faith claim against them.
The damages available in a bad faith case can be significant, both economic and emotional. They are aimed at making you whole again and can include things like medical bills, lost wages, property damage, attorneys’ fees and more.
The specifics of a bad faith claim will vary depending on the state, but most are based on statutory and common law. Statutory bad faith claims can be brought under a variety of state statutes, while common law will be based on judicial precedent.
Insurance law can be a challenging area to practice. However, if you enjoy the challenge of working with clients and negotiating resolutions in court, it may be an excellent field for you to pursue.
Our attorneys have significant experience handling complex reinsurance arbitrations, representing or being adverse to some of the world’s largest insurance companies. They also have significant experience defending against mass torts, catastrophic property loss claims and ensuing litigation, class action lawsuits involving false advertising and consumer protection issues, and insurance coverage disputes, including primacy of coverage and additional insured issues.
We often advise our clients to purchase litigation risk insurance to help them navigate these types of cases. These policies include defense-side adverse judgment insurance and plaintiff-side judgment preservation insurance.
Representation is a term used to describe a statement made by one or more contracting parties that is relevant to the terms of a deal. A representation may be a promise of a particular outcome, such as an insurance claim.
Representations in the legal world are a complex subject that can involve both the client and the lawyer. A lawyer may rely on a prior authorization from the client to take specific action.
A letter of representation is a great way to let an insurance company know that you are represented by a lawyer. This letter can help your attorney confirm coverage and obtain important information such as policy limits.
Representation can be a complicated topic, so it is important to choose an attorney who has the right expertise for your case. Make sure to review their credentials and find out what past clients have said about them on Avvo, a website that reviews lawyers.