What kinds of insurance does the Florida No Fault law require? What is indemnity and bad faith?
PIP coverage is one of the insurance coverages required by Florida’s No Fault law if you don’t keep a large amount of money on hand as security and the other required coverage is property damage. Property damage is commonly thought of as vehicle repair or replacement, but can include other personal property too. Groceries that were in the vehicle at the time of the accident that couldn’t be retrieved are property damage and so are broken eyeglasses, for example. The property damage coverage you carry by law, however, is there for the benefit of the property owned by the* other *vehicle owner, not your property damages. Your property damages are covered by "comp and collision" you buy.
If you cause an accident and the other vehicle is damaged, your property damage insurance coverage pays for the repair or replacement of the personal property (primarily a motor vehicle) of the other vehicle owner, so you don’t have to pay it out of your own pocket. When you pay a premium for insurance so they will pay on your behalf, this is called indemnity. The insurance company indemnifies you, or pays the claim for you. If your insurance company was required to indemnify you, but failed to do so, you may have a "bad faith" claim against them for not doing their job for you. If so, and you prevail, the law requires them, not you, to pay your lawyer to make them indemnify you, so call the Higgins Law, LLC today if your insurance company is not indemnifying you when you paid them premiums to do so. Higgins Law, LLC will cut through the red tape and do whatever is legal and necessary to get your insurance company to do their job to indemnify you. Please don’t delay. Call today.