The scenario is all too familiar. The insurance company has defended your company in a litigation that involves catastrophic personal injuries, wrongful death, or allegations of wrongdoing that could destroy your business if you didn’t have insurance coverage for those claims.
Now, trial is just weeks or even days away. A settlement demand has been made. The demand is within the limits of your insurance, and your defense counsel advises you to accept. You think, GREAT! A settlement is imminent – and why wouldn’t it be, because you have more than enough insurance to cover the settlement. You are relieved that you’ve avoided trial and a judgment that exceeds policy limits.
Read the full article: Playing with house money: What to do when your insurance company won’t settle