DATE: Tuesday, December 19, 2023
TIME: 1:00 PM - 2:30 PM
ORGANIZER: Strafford Publications
This CLE course will discuss the rights and obligations of the policyholder and the insurance company regarding settlements and the company's liability for verdicts in excess of policy limits.
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 policyholder may face 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 settlements and the insurer's liability for verdicts in excess of policy limits. The panel will also explain actions insurance companies can take to reduce exposure to bad faith claims and options for the policyholder if the company rejects a settlement demand.