Errors & Omissions Liability Insurance in Illinois
Accountants, attorneys, doctors, and other professionals rely on errors and omissions liability insurance to protect them when a client is injured. Insurance companies will sometimes refuse to pay losses incurred by a client, leaving policyholders in an unfair and financially vulnerable position.
These policies are typically claims made and/or reported policies requiring notice of even potential claims or acts or omissions that might give rise to claims to trigger the policy for coverage. Failure to do so in a timely manner may ultimately result in no coverage.
If you are a professional facing a claim arising out of your services or aware of acts or omissions that might give rise to a claim, you will need to act quickly and decisively. Our legal team can work with you to ensure your notice is promptly given and is in compliance with your errors and omissions liability policy. We can help advocate for you in any disputes that may arise between you and your insurance company.
Excess Verdict Cases in Illinois
Don’t let your insurance company squander your opportunity to settle your claim within your policy limits which would cap your risk and avoid excess exposure to you above your policy limits. When your insurance company meets with an injured party on your behalf, they may refuse to accept a fair and reasonable settlement offer that is within the policy limits of your policy. Some insurance companies will do this because they want to avoid paying any amount to the plaintiff. But this could run the risk to you of an excess judgment. Other insurance companies may wrongly view the risk as being minimal because they fail to give the interest of their insured at least equal consideration with their own insurance company interest choosing instead to roll the dice for a chance to receive a defense verdict but this risks personal liability to the insured above the policy limits. When insurance companies doe this, they gamble with your finances because you can be unfairly put on the hook for paying such excess amounts.
You generally have the right to pursue legal action against your insurance company that is acting in bad faith by refusing a reasonable settlement and thereby exposing you to personal liability. Our team can determine if you have a case and help you explore your legal options.
Business Interruption Insurance in Illinois
A tornado, earthquake, or fire can cause physical damage to a facility and equipment, but the overall damage to a business can become exponentially greater if personnel are not able to promptly resume work. When such disasters keep your business from continuing normal operations, business interruption insurance is intended to help bridge the financial gap. Proceeds from a policy can typically cover salaries, utilities, and other ongoing expenses.
Should an insurance company refuse to abide by the terms of a business interruption policy, they threaten your company’s ability to remain solvent and retain its top employees. Our team can help you explore your legal options and recover the insurance proceeds your business needs.
How COVID-19 Impacts First-Party Coverage in Illinois
Many businesses maintain insurance that is intended to cover periods of “business interruption,” or circumstances outside your control that prevent normal business operations. The COVID-19 pandemic has forced numerous industries to shut the doors for extended periods. However, insurance companies have routinely denied these claims related to mandatory government shutdowns.
This issue is still developing, but some interpretations of Illinois law suggest that the emergency pandemic scenario and compulsory shutdowns constitute “civil unrest,” a condition that can trigger first-party claims coverage. It could also potentially be argued that the fear of COVID-19 in the air has damaged a business’s revenue and can thus be classified as “property damage,” another factor that can influence first-party insurance. Our firm will continue to monitor the situation and Illinois case results and advise on what legal options may be available to businesses forced to remain closed.
Automobile Insurance in Illinois
The state of Illinois requires that all motorists carry statutory limits of insurance. Many people choose to invest in more exhaustive insurance policies that go above and beyond the statutory requirements, covering additional damages and/or protections from excess liability. Some drivers will also procure uninsured and underinsured motorist policies that provide an additional financial safety net should they get into an accident with someone that has insufficient insurance to cover the injuries.
When you do get into an automobile accident, you will need to file a prompt claim with your insurance carrier. However, more comprehensive policies can have complex notice requirements that can give the insurance company an excuse to attempt to avoid paying a covered claim.
In other words, if you do not know how to navigate your insurance company’s bureaucracy, they may find a loophole to avoid paying for an accident that would otherwise be covered. If you have recently been in an auto accident and are preparing to file your claim, our team can review the intricacies of your insurance policy to ensure your policy is properly triggered and the negligent driver is held responsible. We can also assist with any arbitration or disputes that may arise in the processing of your claim.