Insurance Companies Only Pay Kicking and Screaming

Lawrence Knapp

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I tell my clients all the time. Insurance companies are in the business of collecting premiums, not paying claims. If you don't believe it take a look at this article where another insurance company run amok refuses to pay its contractual obligations to those whom their insureds injure. The automobile accident severely and permanently caused catastrophic injury to this New Jersey man. A jury returned a verdict for $31 million and Superior Court Judge John Fratto "adjusted" the verdict to $19.3 million this year. If the judge's adjustment of what the jury believed was justice was not bad enough, the insurer responsible to pay the verdict refuses. Anderson's attorney, John M. Dodig, pointed out that while State National Insurance and the county try to avoid payment, they are running costs higher with interest compounded daily. "The insurance company is wrongfully and in bad faith refusing to live up to its obligation to pay the verdict," Dodig said. "And I fully expect that they will be found to have acted in bad faith."

Tango commented: "Gotta love insurance companies. They know how to take your money but when you need it back you have to pry it from their cold dead fingers. I'm not even sure what the point of insurance is anymore because legalized extortion."

Ain't it the truth.