Following yesterday’s post, What is a Bad Faith Claim? Or, When Does an Insurance Claim Wrongfully Handled Become a Bad Faith Claim?, there were a couple of posts suggesting that class action lawsuits were the answer to wrongful claims practices. Frankly, most policyholders are more successful financially with individual cases than through class action cases in insurance matters. Many class settlements are nothing other than the insurer buying its way out of a bigger mess and paying off attorneys looking for a big payday. Our firm is very selective about class matters because of the “good for the attorney’s pocket versus bad for the client’s pocket” conflict.
Factory Mutual
Can Insurance Adjusters Appreciate and Learn From The Policyholder’s Perspective?
By Chip Merlin on
Posted in Insurance, Insurance Claim
Some in the insurance industry may read my blog and believe that I am on a crusade against the insurance industry. That is absolutely false. I love insurance. I get upset when insurers violate their good faith duties to customers–probably the vast majority from any perspective do too.…
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Port of New Orleans Case Settles
By Chip Merlin on
Posted in Insurance
The Associated Press ran a story confirming that a settlement was approved in the Port of New Orleans case last Thursday. The Associated Press correctly noted that the amount of the settlement is confidential. I am happy that the Port will be able to start on various projects. Sometimes, parties to lawsuits end as enemies. In this case, I am certain Factory Mutual is happy for the Port as well. I would not be surprised to find that Factory Mutual insures the Port again when the current policy comes up for renewal.…