Why do insurers in Puerto Rico deny claims?
- A claim may be denied and closed when a claimant fails to cooperate with the insurer or furnish the information necessary for the insurer to adjust the claim [Source: R. Laws tit. 26, § 2716c]. After you notify your insurer of your loss (i.e. loss of income due to an interruption in your business operations or damage to your home) you are likely going to be asked to provide certain information to your insurer. Those that fail to respond to their insurer’s requests typically see their claim denied.
- Your insurer alleges that your policy does not provide coverage for the type of claim you filed. In some cases, your insurer may have every reason to deny your claim. However, before assuming the denial was a valid action taken on behalf of your insurer, you should have a Puerto Rico denied insurance claims attorney review your policy. Although your insurer may claim you don’t have coverage, it all comes down to how your policy is worded. And if you hire an insurance lawyer who is able to determine that your policy doesn’t exclude coverage for the type of claim you filed, you can then challenge your carrier’s decision and potentially get your claim approved.
- Your claim is costly, and your insurer doesn’t want to pay it. Although insurance companies are obligated to provide you with the coverage you purchased, they do have ways of getting around paying out for a claim. Unfortunately, the average policyholder isn’t always able to decipher when their insurer is acting appropriately and when they are acting in bad faith which is why you should consult with a Puerto Rico insurance attorney if you suspect your insurer isn’t handling your claim fairly.
Why do insurers undervalue claims in Puerto Rico?
Insurance companies are businesses and in order for them to survive, they need to make a profit. If companies paid out the maximum amount of compensation for each of the claims they receive, many companies would likely fold. So, rather than pay what a claimant is entitled to for the damage their home sustained or the business loss they suffered as a result of their business being forced to temporarily shut down, they try and pay less. Sometimes, they get away with it, but adjusters typically are less likely to undervalue a claim when they know a claimant has chosen to hire an experienced insurance claims lawyer in Puerto Rico to assist them with the claims process.
What causes the insurance claims process to become delayed?
Although insurance companies are expected to resolve a claim within 45 days, 90 days the latest, given that all documents needed to do so have been received, there are times when claims are delayed in being processed. Natural disasters serve as one of the more common reasons for why insurers are unable to process claims within the timeframe they are required to do so. Insurers have also been recognized for trying to put off processing a claim with the hopes that a claimant who is seeking more compensation than what was offered will get tired of waiting and just accept the initial settlement that was presented.
Now, if you are dealing with an insurance issue or have had your claim denied or undervalued, we do recommend that you contact an insurance claims attorney in Puerto Rico who can lend a legal hand and get your problem resolved.
If your insurance company denied your insurance claim contact an insurance claim denial lawyer in Puerto Rico using the USAttorneys.com Insurance Claim Denial Law Firm locator. Select Puerto Rico then your county to be directed to a claim denial lawyer near me or call 866-335-8999.
