Failure to Pay Full Amount of Loss

You’ve filed a claim with your insurance company, and they’ve accepted it. Now, you simply must wait a short period of time to collect your payments so you can move on with your life. So, what happens if your insurance company fails to compensate you or pay the full amount of your losses? You have repairs and bills waiting and there’s no time to wait.

If your insurance company hasn’t paid your full settlement, it’s imperative you seek legal representation. Your insurer could be trying to dodge payments by acting in bad faith. It may be the best option for you to secure legal counsel and file a claim against your insurer. If your claim is successful, then your insurer is obligated to pay you the full settlement plus accrued interest.

Insurance Lawyer for Failure to Pay Losses in Tampa, Florida

Insurance companies must submit their payments in a timely manner according to Florida law. Failure to pay the full amount of losses could mean your insurance company owes you both your settlement and accrued interest. If your insurance hasn’t compensated you yet, it’s important you fight back with trusted legal counsel.

To find a skilled and dedicated insurance lawyer contact Germain Law Group, P.A.. Michael B. Germain understands the complexities of insurance law. He can utilize his knowledge and resources to represent you in court. Contact him now at (813) 835-8888 to schedule a free consultation.

Germain Law Group, P.A. accepts clients throughout the Hillsborough County area and surrounding counties including Pinellas County, Sarasota County, Polk County, Paso County and Hernando County.

Overview of Failure to Pay Full Amount in Florida

Deadlines for Insurance Companies in Florida

Insurance companies must adhere to Florida laws if they want to retain their insurer’s license. This means they must follow certain timeframes during the claims process, which includes the deadline for when payments are submitted. If they don’t uphold these deadlines, they could be considered in bad faith. The timeframes for the claims process in Florida include:

  • 14 days To Respond – In most cases, you will be able to notify your insurance carrier immediately. However, if you didn’t speak to a live representative when you reported the occurrence, then the company has 14 days to get in touch with you. This timeline also includes subsequent and nonspecific communications, such as inquiries for updates.
  • 10 Days to Start Investigating – You will first have to submit a “proof of loss” form before your insurance company begins investigating. The form is basically a list of evidence explaining how your claim happened and why it’s valid. Once you submit your “proof of loss” form, then your insurance company has ten days to start an investigation. The investigation by your insurance company is to determine if the claim is viable or not.
  • 90 Days to Notify Insured – When your insurance has finished its investigation, they then have up to 90 days to notify you if your claim was accepted or denied. If they wish to send a reservation of rights letter, then the deadline is 30 days after the investigation is completed.
  • 20 Days to Pay Settlement – If your insurance company accepted the claim, then they’re obligated to give you a settlement. However, if no payments are received within the 20 day-period then the insurer will be obligated to pay an interest at a rate of 12 percent per year.

Back to top

What Do I Do If My Insurance Company Hasn’t Paid Me?

Insurers must follow Florida’s regulations so they can be fair to their policyholders. If your insurance company doesn’t pay you the full amount or follow court deadlines, then you may have a case for a bad faith claim. An insurance company acts in bad faith if they fail to uphold their express or implied duties to the policyholder.

Insurance companies who intentionally miss payments or give partial payments are acting in bad faith. If you suspect your insurance company of doing this, then you can file a bad faith claim against them. To have a successful case, it’s recommended you hire an experienced insurance claims attorney to collect important evidence to support your claim.

An experienced attorney can include depose insurance experts such as public adjusters to examine your settlement agreement. They can even subpoena imperative financial information that proves you haven’t been compensated in a fair manner. If the matter goes to court, then your attorney can also litigate for your case in front of a jury.

Back to top

What Can I Recover from Filing a Bad Faith Claim?

If you convince the court your insurer was in bad faith, then you will be granted a monetary award. The award will reflect any losses you’ve experienced since your insurance company failed to compensate you. It will also include an interest at a rate of 12 percent per year on top of the settlement costs already owed to you.

Listed below are some possible losses you may recover if you file a bad faith claim.

  • Full settlement costs;
  • Interest at a rate of 12 percent;
  • Attorney’s fees;
  • Court costs;
  • Emotional distress; and
  • Mental anguish

Back to top

Additional Resources

Florida Department of Insurance Regulation – Visit the official website for the Florida’s Department of Insurance, which serves to protect both the insured and the insurance regulator. Access the site for consumer resources, important forms for a claim and other relevant information.

Florida Settlement Laws – Visit the official website for Online Sunshine, an online collection of Florida state laws and legislation. Access the site to learn more about when payment for a settlement is due and what happens if an insurer fails to uphold their duty to pay.

Back to top

Attorney for Failure to Pay Full Amount in Hillsborough County, FL

If your insurance company hasn’t upheld their agreement to compensate you, then they could be acting in bad faith. You may be able to have all your losses recovered by filing a bad faith claim against your insurer. Learn more by contacting Germain Law Group, P.A.. Michael B. Germain can evaluate your case and see if you’re eligible for further compensation.

Call us now at (813) 835-8888 to set up a free consultation. We practice throughout the greater Tampa Bay area and surrounding communities including Brandon, Bradenton, Sarasota, New Port Richey, Clearwater, St. Petersburg and Temple Terrace.

This article was last updated on June 21, 2019.