Insurance covers all kinds of damaging events. Many people think about their home, car, boat, lake house, disability policy, life insurance, or business. However, insurance is available for all sorts of other things.
For instance, professional athletes insure their hands. Entertainers and music stars insure the ability to sing or play an instrument while actors and actresses buy insurance against disfigurement. Doctors buy malpractice coverage. Rodeo and concert events are insured against weather cancellation. Farmers purchase crop insurance while ranchers obtain coverage for their hay and livestock. Racing syndicates buy all kinds of insurance for valuable race horses. The list goes on and on.
Oklahoma bad faith law applies to virtually every kind of insurance written.
Insurers adjusting claims need to be cautious in paying for losses because failing to follow the rules can be expensive!
Although Oklahoma bad faith law does not apply to every type of insurance, it applies to most insurance claims. Prudence in finding experienced counsel early in the claim is a must. Delays in hiring a knowledgeable attorney creates problems.
If you have questions about adjusting practices and bad faith, contact us!