On August 6, 2008, the Colorado Insurance Fair Conduct Act went into effect. See C.R.S. § 10-3-1115 and § 10-3-1116. Generally speaking, the Act provides that an insurance company which “unreasonably” delays or denies paying a claim is liable for twice the amount of the claim plus attorney fees and costs. Importantly, this law only applies to “first-party” claimants and would not include insurance companies defending the at-fault party in a traditional auto accident case. The law does, however, apply to first-party claims like uninsured and underinsured motorists (UM/UIM) cases. The law also applies to med-pay claims. The easy way to keep this straight is the insurance company must only be reasonable to the person that has the contract with them. This new law provides an obvious incentive for insurance companies to do the right thing in the first place. We shall see what effect, of any, the law has on how insurance companies operate in Colorado.
For more information about Legal issues regarding, check out these links:
Speak to a Denver insurance dispute lawyer at Fuicelli & Lee for help today. We’ll stand up to the insurance company for you.
Make the most of summer vacation with great Colorado road trips Given the nature of our work, we fo…Read More
Here are some of the most common causes of accidents, and a few tips to keep you and your loved ones…Read More
Fuicelli & Lee, PC Settles Car Accident for $462,500.00
The high settlement was no accident. I watched how hard Keith worked to get us to that point. Because of Keith’s hard work, I am now in a position to concentrate on fixing my pain with continued treatment.
Fuicelli & Lee, PC Negotiates Policy Limit Settlement of $250,000
Mr. Fuicelli is very accessible which is extremely important just in case you have a question or important information to pass along to him. He stays on top of your case with complete dedication and always updates you with information pertinent to your case.