Financial Services Industry
Industry: Email Alert RSS FeedBad faith quandaries.(LEGALLY SPEAKING)
Claims, April, 2005 by Murray, Jim
Sophisticated insureds looking for ways to reduce their insurance premiums often elect to purchase liability insurance that is subject to a deductible or self-insured retention. Typically, liability policies that contain deductibles still include language granting insurance companies the exclusive rights to control the defense, investigation, and settlement of claims and suits, and to seek reimbursement from named insureds of those amounts that fall within the policies' deductibles.
A typical deductible provision provides:
The company may pay any part or all of
the deductible amount to effect settlement of
any claim or suit and, upon notification of the
action taken, you shall promptly reimburse the
company for such part of the...
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