Imagine running a business and all of a sudden it is flooded.
You will be running around looking to have things repaired, and that’s normal. However, if the loss is too great, you will want to make a claim to your insurance agency based on the plan that was signed in advance.
Now, what if the insurance agency starts using delay tactics by stating they lost their forms or misplaced things? What if you are in need of the funds right away? What will happen then?
Let’s take a look at what this act involves.
Purpose of Act
The primary objective of the Act is to protect individuals and businesses from insurance agencies who don’t work in good faith.
If the court deems their behavior abnormal or based around delay tactics, this act is invoked, and an immediate verdict is sent through to speed up the process.
Benefits of Act
1) Speeds Up Process
The purpose of using this act in the court of law is to ensure the process is sped up. There is nothing worse than having a flooded business or a fire go through without having funds to start repair work.
It leads to significant losses that are hard to recover in the short or long-term.
2) Protects Against Shady Insurers
A major benefit is knowing shady insurers will not be able to scheme their way out of making a payment based on the agreement that was signed. This is important for those who are dealing with an accident and need the funds as soon as possible.
The Unfair Claims Settlement Act is one of those policies that are required to ensure things are managed safely for all parties.