Holding Insurance Companies Accountable For Acts Of Bad Faith

Unfortunately, an insurance company's failure to promptly and fairly pay its insured's claim is an all-too-common occurrence. At the Charleston, South Carolina, Law Office of Mark C. Tanenbaum, P.A., our attorneys are prepared to question claims adjusters, investigate company practices, and challenge the insurance company with industry experts. In our more than 40 years of experience, we've encountered and defeated just about every method and tactic used by insurers to avoid paying claims. That's why our attorneys consult with experts, investigate the facts, and expose insurance practices.

Don't try to resolve a bad faith insurance claim by yourself - contact our lawyers immediately. We work with clients who feel they have not received fair treatment by their insurance company.

Understanding Bad Faith Insurance Claims

Insurance companies collect premiums in return for coverage on certain kinds of losses suffered by clients. Insurers act in bad faith when they engage in the following kinds of practices:

  • Fail to handle a claim in "good faith"
  • Denial of coverage on an active policy
  • Underestimate losses suffered by a policy holder
  • Terminate coverage without notifying policyholder
  • Refusal to extend a policy without notifying the policy holder

What Insurance Companies Don't Want You to Know

The insurance industry is a heavily regulated business. In order to maintain a competitive rating in Standard & Poor's, insurance companies need to maintain a 3 to 1 premium to surplus ratio. This means that for every 3 dollars a company underwrites, it should have 1 dollar in surplus to cover losses on its policies. Based in part on the "Law of Large Numbers," insurers underwrite policies under the assumption that only a small portion of their policyholders will ever need to file a claim.

If an insurer over extends itself or too many policyholders suffer losses, its 3 to 1 ratio can be negatively impacted, resulting in a downgraded rating in Standard & Poor's. That's why most insurers have stop-loss programs that involve training claims adjusters in methods for reducing payouts on policies and claims.

The Law Office of Mark C. Tanenbaum, P.A. understands how insurers operate, the unfair practices they sometimes use to avoid paying claims, and what your rights are under the law. We will aggressively defend your rights and expose bad faith practices by insurers in a court of law or negotiating room - either way, "the truth will win out."

Standing by Our Clients

As South Carolina injury attorneys, we see the consequences of an insurer's bad faith actions - the financial burden of coping with, and overcoming a loss you paid not to have. When insurance companies engage in bad faith practices, real people and families suffer. We stand by our clients and relentlessly pursue the facts that establish your rights.

Contact personal injury attorneys at the Law Office of Mark C. Tanenbaum, P.A. today to schedule a free consultation. Call 843-737-6279 or email us to get started. While based in Charleston, we take on cases across South Carolina. We are available weekends and during evenings by appointment, and are happy to drive to meet with you if you are unable to travel.