Understanding Insurance Bad Faith and What It Means for You and/or Your Business
This is a very well written piece about insurance bad faith. In essence, Florida’s bad faith laws help to force insurers to uphold their end of the bargain with policy holders.
Florida’s legislature, often criticized as beholden to the insurance industry, is considering ANOTHER bill to limit or kill bad faith. Fortunately for Floridians, last session’s bad faith killing bill was not passed. However, that hasn’t stopped the ever persistent insurance lobby from re-submitting the bill.
Florida’s insurers don’t need any more leverage over their insureds. Bad faith keeps the playing field somewhat level so the every day person or small business has some recourse against an insurer for failing to live up to their end of the deal. Make sure to educate yourself on this subject and the effect that a bad faith killing bill could have on you, your family, and/or your business.