How Long Does a Boat Insurance Company Have to Settle a Claim?

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    How Long Does a Boat Insurance Company Have to Settle a Claim?

    Boat accidents are especially dangerous because there is an added risk of drowning if the boat is damaged or sinks. As such, insurance settlements are very important to boat accident victims.

    There may or may not be a specific deadline by which boat insurance companies must settle claims depending on where you live. Some states have laws requiring insurance companies to reach settlements by certain deadlines, while others do not. The issue may also vary depending on what kind of insurance policy you have. If you feel you have been waiting for a settlement for far too long, an attorney can help you speed up the process. If the insurance company is intentionally moving slow to try and wait you out, we can help you take legal action against the insurance company and explore other possible options.

    If you were injured in a boat accident, you might rely on an insurance settlement to make ends meet while you recover. Our Florida boat accident lawyers can help you get a settlement as quickly as possible. For a free review of your case, call Rivkind Margulies & Rivkind, P.A. at (305) 204-5369.

    When Do Boat Insurance Companies Have to Settle Claims?

    It can be difficult to figure out exactly when an insurance company is required to settle claims for a boat accident. The answer to this question might vary based on your state, your insurance company, and the insurance policy for the case. Our boat accident lawyers can help you get a settlement while keeping tabs on important deadlines.

    Some states impose laws regarding when insurance companies are required to settle claims. For example, in Florida, under Florida Statute § 672.70131(1)(a), an insurance company has 14 days to acknowledge receipt of a claim. The insurance company then has 90 days to settle the claim. There may be different deadlines for different kinds of claims.

    Other states might have different laws imposing different deadlines. You should talk to a lawyer in your state about your case, ideally before you even file your claims. It is also possible that a timeline for a settlement is contained within your policy. Each policy is like a contract between the claimant and the insurance company. The policy might contain details about when your claims will be settled. Policies are often full of legal jargon and difficult to understand, and our Miami boat accident lawyers are prepared to help.

    Getting a Settlement from a Boat Insurance Company Faster

    Throughout your case, you can take steps to help speed up the insurance settlement process. One important step is hiring a lawyer familiar with boat accident insurance claims. Your attorney should be familiar with your state’s insurance laws and be able to decipher the terms of your policy. If there are any hard deadlines, our Tampa boat accident lawyers will find them.

    Knowing the relevant deadlines can help you advocate for your best interest. If the insurance company is taking too long and the deadline for settling is fast approaching, you can pressure the insurance company into a settlement. The insurance company might rather offer a good settlement than miss an important deadline and face possible penalties.

    You should also provide the insurance company with as much information as they need. Anything you can do to help them complete their investigation as quickly as possible will be helpful. However, you should avoid providing anything that might incriminate you or give the impression that you share blame for the accident. If the insurance company suspects you contributed to the accident, their investigation might take longer, and your settlement may be reduced.

    If the insurance company is taking a long time to settle and shows no signs of speeding up, our boat accident attorneys can help you file a lawsuit to get the compensation you need. Sometimes, the looming threat of a lawsuit incentivizes insurance companies to make a speedy settlement offer to avoid drawn-out and costly litigation.

    What to Do if You Are Still Waiting for Settlement from a Boat Accident Insurance Company

    If a long time has gone by and the insurance company in your case has still not settled your boat accident claims, you should speak with a lawyer right away. Our Everglades boat accident attorneys can help you explore other legal options and pressure the insurance company to settle quickly.

    Our team can also help you begin a lawsuit. If your policy clearly states that your boat accident should be covered and the insurance company has not settled your claim, we can sue them for the coverage and compensation they owe you. Alternatively, we can sue the person or people who caused your boat accident and make them pay for your damages.

    Sometimes a quick phone call and complaint can get the wheels turning a bit faster. It might also help if you have a lawyer call and complain to the insurance company. Your attorney might know what to say and what buttons to push to get the insurance company to move a little faster.

    What if the Statute of Limitations for a Lawsuit Expired While I was Waiting for a Boat Insurance Settlement?

    In particularly unfortunate cases, claimants wait such a long time for their insurance companies to settle that the statute of limitations on their boat accident case expires, and they lose the right to file a lawsuit. Sometimes, insurance companies intentionally take a long time to investigate and settle claims to wait out the claimant. They hope that the claimant will get tired of waiting and accept a much lower offer out of desperation.

    If the insurance company costs you your right to sue, our boat accident attorneys can help you sue them. Insurance companies must follow a plethora of strict laws and procedures. Intentionally cheating their customers is a major violation and should be reported.

    Call Our Boat Accident Attorneys for Help Now

    You deserve compensation after a boat accident so you can fully recover and get back to your normal life. Our Ft. Lauderdale boat accident lawyers can help you get your insurance claims settled quickly. For a free review of your case, call Rivkind Margulies & Rivkind, P.A. at (305) 204-5369.

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