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Life’s unpredictabilities can lead to unforeseen damages. Whether it’s a storm ripping through your home, a fire devastating your business, or any other calamity, your insurance is your safeguard against these uncertainties. However, when insurance companies don’t stand by their promises, you need a legal advocate who will stand up for your rights. Contact the dedicated Houston first-party claim lawyers at Patout & Shaw today.
A first-party insurance claim is one made by an individual directly with their insurance company. It’s the “first party” (the policyholder) making a claim against the “second party” (the insurance company) based on the terms of their policy. These claims arise when a policyholder suffers a loss and seeks reimbursement or benefits directly from their insurance provider.
On the other hand, a third-party claim is made by a person (the third party) against another person’s insurance company.
There are several kinds of first-party insurance policies. Some of the most common are as follows:
In Texas, the insurance landscape is not just shaped by market forces but also by clearly defined statutes and regulations, such as Texas Insurance Code § 542.003, which mandates that insurance companies must act in good faith when evaluating claims made by policyholders.
This ensures that insurance companies cannot unfairly deny a claim or drag their feet in processing it. The onus is on the insurer to assess claims promptly, offer a fair settlement, and provide a rationale if a claim is denied.
Given the complexities surrounding insurance claims and the pivotal role they play in mitigating financial distress, it is strongly advisable to hire a competent first-party claim lawyer. A knowledgeable attorney can bring the following to the table:
While insurance claims might seem straightforward, nuances often arise, which can potentially complicate the process. Don’t file a first-party claim on your own–hire a dedicated lawyer who can protect your interests, every step of the way. Contact the Houston lawyers at Patout & Shaw today.