What is a breach of fiduciary duty claim?

A breach of fiduciary duty claim is a type of legal action that arises when an insurance company fails to exercise its duties to an insured. In Arizona, there are certain responsibilities that an insurance company must meet when handling an insurance claim. If the insurer fails to abide by the terms of the policy or neglects its duties, it may be liable for a breach of fiduciary duty. The most common types of breach of fiduciary duty claims involve bad faith or failure to act in good faith toward the insured. Insurance companies must conduct an appropriate investigation to determine whether to pay a claim and must do so within a reasonable time. The insurer must act with integrity and must provide an adequate level of coverage for the policyholder. Other types of breach of fiduciary duty claims can include unfair claims settlement practices, improper investigation of a claim, inadequate response to an inquiry, and failure to reassess a decision when notified of new information. If an insurance company is found to have breached its fiduciary duty, the policyholder may be entitled to monetary damages. Breach of fiduciary duty claims can be complex, and the law can vary from state to state. If you believe that your insurer has breached its fiduciary duty, it is important to seek legal counsel to discuss your options. An attorney can help you determine if you have a claim and what steps may be necessary to seek a remedy for the breach of fiduciary duty.

Related FAQs

What is a liability limit?
What is a claim form?
What is a settlement offer in an insurance claim?
What is a policy limit?
What are the different types of coverage in an insurance policy?
What is the statute of limitations for filing an insurance claim?
What is the difference between an insurance policy and a benefit?
How do I dispute an insurance claim decision?
What is a policy deductible?
What is the difference between a claim and a complaint?

What is a breach of fiduciary duty claim?

Related FAQs

Related Blog Posts