"Good Faith to an Insurance Company is, what do we do to maximise our profits and then what steps do we take, in order to accomplish that? And that's at the peril of the insured!" Quoted from a video by Richardson Law Firm


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Insurance Claim Bad Faith

AUSTRALIA INSURANCE CONTRACTS ACT 1984 - SECT 13

"The duty of the utmost good faith. A contract of insurance is a contract based on the utmost good faith and there is implied in such a contract a provision requiring each party to it to act towards the other party, in respect of any matter arising under or in relation to it, with the utmost good faith".

Insurance Contracts Act 1984 [Amended 24/07/08] Download PDF Version

Visit Commonwealth Of Australia Law for more information.


What Is Insurance Claim Bad Faith? - How Will It Effect You?

Insurance Claim Bad Faith is a legal term of art, that describes a 'tort claim', that an insured person may have against an Insurance Company, for its Bad Acts. Under the law of most jurisdictions in the United States, Insurance Companies owe a Duty of Good Faith & Fair Dealing to the persons they insure. This duty is often referred to as the "implied covenant of good faith and fair dealing", which automatically exists by operation of law in every insurance contract.

If an Insurance Company violates that covenant, the insured person (or "policyholder") may sue the company on a 'tort claim' in addition to a standard breach of contract claim.

The contract-tort distinction is significant because as a matter of public policy, punitive or exemplary damages are unavailable for contract claims, but are available for tort claims. The end result is that a plaintiff in an Insurance Bad Faith case, may be able to recover an amount larger than the original face value of the policy, if the insurance company's conduct was particularly egregious. - Source - Wikipedia

Tuesday, August 11, 2009

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