Insurance Company
Insurance Company
United Insurance Holdings Corp. Subsidiary Approved To Write Property And Casualty Insurance In South Carolina
United Insurance Holdings Corp. (“United” or the “Company”), a property and casualty insurance holding company, announced today that United Property & Casualty Insurance Company (UPC), a wholly-owned subsidiary, was approved to begin writing property and casualty insurance in the state of South Carolina as an admitted carrier
Health Insurance Companies
How do you know if your insurance company is also insuring the party who caused you the damage in a claim?
If your insurance company pays you a small amount for a large loss and you then sue the party who caused the loss, what complications can there be for you? Are there conflicts of interest sometimes which prevent an insurance company from pursuing subrogation? If they do pursue subrogation, do they share in paying the legal fees.? If they are also insuring those who caused the loss, will they pay out under those people’s insurance?
I’m not sure we have the whole story here, but here goes. This is assuming that both you and the other party are insured by the same company.
I don’t understand why you have collected from your insurance company for the loss under your policy, and then plan on suing the other party. Generally you either collect from your policy and let the insurer go after the other party, or go after the other party and leave your insurer out of it. We aren’t talking an uninsured motorist here, so what type of claim could you be making? You can’t collect twice for the same damage. Either way, unless your exhausted the other party’s policy limits, you will have to reimburse them.
There is little chance that the insurance company will bother with subrogation against itself. And subrogation rarely requires legal fees, especially when the parties are insured and liability is clear.
Finally, as to the conflict of interests, if there is an issue regarding this, the claims department will appoint different adjusters, usually having them report to different supervisors, to handle the claim. In some states this is a requirement, both even without the law, most companies consider this protection against getting sued for bad faith claims handling.