Most insurance policies include a provision specifying the duration within which claims should be paid. However, the law mandates that the insurance company must make a decision regarding coverage of the loss within 90 days. It is important to note that if the insurance company is unable to adequately investigate the loss within the initial 90 days due to circumstances beyond their control, they may be granted an extension. If you provide a sworn statement in proof of loss, stating the cause and amount of the claim, and the insurance company does not agree, it does not mean that you are entitled to payment according to the aforementioned provision. Even if you file proof, it is unlikely that a court would compel the insurance company to pay if they dispute your figures. Be cautious of individuals, including attorneys, who claim that an insurance company is obligated to pay within a specific timeframe in the absence of a final judgment, appraisal award, or agreement.
Leave a Reply