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A first time real estate investor (REI) in a hurry to close the deal can make a costly insurance mistake. You wouldn’t think that it would happen, but it does. No one calls the insurance agent and makes arrangements for the insurance coverage. In some instances, it’s simply overlooked.  At other times, the thought is nothing’s going to happen for the next day or so. You shouldn’t deceive yourself, it’s Murphy’s law. Go a day…
It’s crucial to consult with an Oklahoma lawyer with experience in bad faith law in the initial stages of your claim.  Oklahoma uses bad faith lawsuits to protect its citizens from inappropriate claim practices.  Bad faith lawsuits are the tool used by the courts to correct unfairness.  As the first sign your claim appears headed for disagreement, then you really should be talking to a bad faith lawyer licensed in Oklahoma. History of Bad Faith…
Experienced insurance adjusters know the phrase “bad faith”. The term is a short hand way to describe a lawsuit filed for the alleged violation of the implied duty of good faith and fair dealing. It is the legal duty imposed by operation of law. The shorthand “bad faith” is a lot easier to say. The implied duty sounds like one duty. But, the obligation carries two parts; good faith and fair dealing. The two parts…
  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.…
For the filing fee of approximately $250, anyone can file a bad faith lawsuit. Just saying an insurance company acted in bad faith is not proof. Words are easy to say. Some people jump to the conclusion that there is bad faith when there isn’t any. There is a significant difference in filing papers at the courthouse and actually winning a trial. Filing a bad faith lawsuit means writing words on a legal document. Proving…
Bad faith is when the insurance company wrongfully refuses to pay a valid insurance claim. It is not a simple mistake during the claim. It is not a genuine dispute over the coverage or damages. Bad faith isn’t present just because the claimant wants more money. The courts in Oklahoma (and courts in other states) have identified misconduct that is bad faith. Although not a complete list, actions declared to be bad faith include:…
Oklahoma bad faith law protects the public from unscrupulous claim practices. The courts apply the common law precepts of good faith and fair dealing in order to fashion remedies. The laws balance the unequal bargaining position of the parties. An insurance company has the greater financial resources and usually a lot more sophistication in claims. To the contrary, the insured policyholder may be in a poor financial position at the time of a loss. Due…
Bad faith under Oklahoma law only applies in certain situations. Not every dissatisfied claimant is entitled to sue under Oklahoma bad faith law. Oklahoma bad faith is NOT: * action by the underwriting department while underwriting a policy * the activity of an insurance agent in selling the coverage * the action of an adjuster handling a third party claim * just because some lawyer uses the phrase “bad faith” * an honest mistake by…
In Oklahoma, an insurance company has a legal duty to fairly pay claims. This duty is technically to act in good faith and with fair dealing. An insurance company that refuses to fairly pay claims can be sued for bad faith for not complying with the law. The insured policyholder can claim emotional distress, financial losses, etc., caused by the bad faith. It is good to keep in mind that the term bad faith is…
A forum on Oklahoma Business Transfers was conducted in Tulsa, Oklahoma on August 21, 2018. The conference featured speakers from the insurance industry with expertise in business transfers as well as runoff business. The discussion was interesting.  The panel compared the new Oklahoma laws with the Part VII transfer familiar to the London insurance market.  Oklahoma’ model became effective in November, 2018, and mimics Part VII. Members of the legal team of the Oklahoma Insurance…