Insurance Claims Duties of the Insurance Company

The insurance company has a duty to complete a diligent investigation of the claim of their insured in a timely manner, whether it is a first party (property) claim or a third-party liability claim. The insurance company has a duty to inform their insured of the status of the claims in a reasonable and timely manner. The insurance company has a duty to settle claims against their insured within the policy limits whenever reasonably possible. In addition, the insurance companies must comply with the applicable state unfair claims practices statutes.