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This CLE webinar will provide counsel with a review of the rights and obligations of the policyholder and the insurance company regarding settlements and the insurer's liability for verdicts in excess of policy limits. The panel will also explain actions insurers can take to reduce exposure to bad faith claims and options for the insured if the insurer rejects a settlement demand.
Policyholders and insurance companies often disagree during settlement negotiations involving underlying claims. When an insurance company fails to accept a reasonable settlement offered by an injured party, and the ultimate verdict exceeds policy limits, the insured may face personal liability. The insurance company faces a separate risk--exposure to bad faith claims and liability for the entire judgment.
Navigating these scenarios requires a detailed understanding of the scope of the duty to settle. Counsel must understand tactics commonly used and options available to each side. Though an insurance company may be justified in rejecting a settlement demand, the policyholder may settle without its insurance company's consent and sue the insurance company for bad faith.
Listen as our authoritative panel of insurance practitioners discusses the rights and obligations of the policyholder and the insurance company regarding settlement and the insurance company's liability for verdicts in excess of policy limits. The panel will outline actions insurance companies can take to reduce exposure to bad faith claims and options for policyholders if the insurance company rejects a settlement demand.
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