If you've been a Victim of Fire or Water Damage
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In constructing a building, or any structure for that matter, many unforeseen things can happen. Since there are a lot of movements by people, materials and machines, these projects can be fertile ground for many types of insurances. These construction insurances can be related to the quality of construction, completion dates, workplace injuries and other related matters. In any construction project, significant risks are assumed by the contractor. To protect their interests, contractors have to purchase construction insurance. This insurance can cover for the costly damages, should there be any problem that will arise while a structure is being built.
The law requires that construction companies should carry construction insurances. Every single construction project requires this type of insurance. There is specific coverage that is required to be stated in many construction projects. The coverage could include natural disasters, risks, your own business, materials, and employees. In the construction industry, every situation is unique. This is the reason why the insurance industry and the construction industry are searching for ways to provide the coverage for every unique situation.
As they assume significant risks when undertaking a construction project, contractors have to buy insurance such as the Worker’s Compensation insurance and other insurances to cover for any liabilities. The types of insurances that contractors usually buy are for the following:
Insurance companies are in business to provide protection to their policy holders. If you buy an insurance policy from an insurer, you should expect that you will be protected against any unforeseen circumstances or if there’s a claim against you. This is what the insurance company, through its agent, told you when it is convincing you to buy an insurance policy. The insurance policy that you purchased from the insurer binds it to pay any legitimate claim on the policy, based on the terms stated in the policy. But an insurance company is in business to produce profit for its investors. That means insurers need to maximize their profits by getting more premiums and paying less benefits. If the insurance company is more concerned about generating profits, it would relegate the benefits to its policy holders in the sidelines. It would resort to various practices that will enable it to avoid paying the right amount for claims or even deny paying the claims outright.
If there is any unforeseen accident that happened in your construction site during the normal course of activity related to the project, you can file a claim on your construction insurance policy. The insurer should pay the right amount for the damages that resulted from the accident if everything is according to the terms of the insurance policy. But if you suspect that the insurer is delaying the payment or is not working for your best interests, and you believe that it is acting in bad faith, you can ask the help of an attorney who specializes in bad faith insurance. He will facilitate the payment of your claim by means of negotiation, arbitration, mediation and if needed, through litigation.
If you are faced with an insurer who is trying to dodge his responsibilities, you will need an experienced lawyer to represent your case in court. It would be better if this lawyer has accumulated enough experience working in both sides of the fence. If he is now working for the interests of policy holders, but have worked in defending insurance companies before, he would have the right knowledge on how to effectively fight insurers who are trying to circumvent the laws of proper compensation on damages. He would be able to see right through the unfair tactics of insurers who are acting in bad faith.
This attorney will be able to investigate the insurer and determine if he or his company has acted in bad faith. If proven so, he will pursue whatever steps are necessary to protect your right to any benefit according to what your insurance policy dictates. If this lawyer has gathered enough experience, he will have the skill, knowledge and expertise to fight against the most organized insurance companies to obtain a verdict or settlement that will compensate you fully for whatever loss you have suffered.
If you are fortunate, you will not only be fully compensated of your loss, but you will also receive payment of the punitive damages that the insurer is liable if he is proven to have acted in bad faith in his treatment of your policy claim. This practice must be curtailed and only an expert lawyer, well-experienced in construction insurance claims, can help you win your case in court.