Insurance compensation

Insurance compensation is the monetary sum which is paid to an individual by an insurance provider in accordance with an insurance policy.

When an individual or a company purchases an insurance policy, the insured might expect the insurance company to act on their behalf in the event that the insurance topic occurs. Although this is often the case, sometimes the insured and the insurance company are the opposing parties to a legal dispute.

The most commonly known and used insurance policy is motor insurance. Compensation which is paid as a result of a traffic accident is usually either paid by the injured’s insurance or by the other party’s insurance, if the accident is proven to be their fault. However, when the insurance companies calculate the exact sum of compensation they should pay disputes often arise.

Disputes over insurance compensation may end up in court. The insurance provider may argue that none or only part of the compensation demanded is covered by the policy. An example would be in construction insurance. If flood waters cause a wall of an adjacent property to collapse onto another’s property, it is possible that the insurance policy of neither party will want to take responsibility.

If you are seeking insurance compensation and have encountered an unexpected dispute, it is probably best to see an insurance solicitor. The law regarding insurance is both complex and industry-specific. Having a read through of your contract may help you understand the basics, but it will not state the statutory provisions which may or may not be affecting your legal standing.

If you would like to obtain legal advice on insurance compensation, Contact Law can put you in touch with a local Insurance Solicitor free of charge. So, if you have any questions or would like our help in finding local Insurance Solicitors please call us on 0800 1777 162 or complete the web-form above.