Insurance is a reality of living in today’s age. You can’t finance a home, drive a car, or go to the doctor without it. That is unless you are independently wealthy and have the ability to pay cash for the financial consequences of things such as a tornado, car wreck or catastrophic illness. Since most of us do not have that ability, we rely on insurance policies to protect us from the devastating financial impact something like this might cause.
An insurance policy is a contract that binds both parties to a set of terms – the insured pays premiums in exchange for the insurance company’s promise to pay benefits under the terms of the policy when a covered loss occurs. In other words, we pay money for the insurance company’s promise to financially protect us if something happens. However, when a loss occurs, the insured is in a vulnerable situation. While on the one hand the insured may be dealing with trying to heal from physical injuries or clean up from a devastating storm, on the other hand, they must deal with their insurance company to get the benefits for which they paid their insurance premium. Because of this vulnerability, as well as the fact the insurance company wrote the policy and is making the decision whether it will pay benefits, Oklahoma law places certain obligations on insurance companies to ensure that insurance consumers are not taken advantage of and are paid properly owed benefits in a timely manner. This is known as an “insurer’s duty to handle claims with good faith and fair dealing.”
Essentially, an insurance company must thoroughly investigate your claim, fairly evaluate the results of its investigation, and promptly pay the benefits it owes you. Unfortunately, all too often this is not the case. In our decades of representing individuals and businesses, we’ve seen firsthand how far insurance companies will go to avoid paying claims. Because of this, it is important that victims of bad faith tactics by insurance carriers find attorneys with an in-depth knowledge of the insurance industry to represent their interests.
Fulmer Sill was founded on the principle of leveling the playing field with insurance companies by influencing the manner in which insurance companies handle claims in Oklahoma through the services and results we provide. Insurance companies have endlessly lobbied to prevent federal oversight and, with severe budget limitations to most state agencies, insurance companies are able to handle claims with virtually no accountability other than through the courts. We are the last line of defense to fight back against insurance companies and protect your rights.
