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Iowa Diminished Value

Iowa Diminished ValueIn Iowa, the statute of limitations on torts is 5 years, this means that you need to file suit against the at fault driver within 5 years of the accident.

 

If the insurance company is offering you an unfair loss in value amount, you need to hire an independent appraiser to rebut their valuation.

 

You can also escalate the claim by contacting the Iowa Insurance Commissioner.

 

To get the process started and to get a free estimate, please fill out the form below.

Insurance Bad Faith in Iowa

 

Citation: Ia.Code §507B.4(9) and Ia.Code §516.1

 

507B.4  UNFAIR METHODS OF COMPETITION AND UNFAIR OR DECEPTIVE ACTS OR PRACTICES DEFINED.

 

The following are hereby defined as unfair methods of competition and unfair or deceptive acts or practices in the business of insurance:

9.  Unfair claim settlement practices.  Committing or performing with such frequency as to indicate a general business practice any of the following:

a.  Misrepresenting pertinent facts or insurance policy provisions relating to coverages of issue.

b.  Failing to acknowledge and act reasonably promptly upon communications with respect to claims arising under insurance policies.

c.  Failing to adopt and implement reasonable standards for the prompt investigation of claims arising under insurance policies.

d.  Refusing to pay claims without conducting a reasonable investigation based upon all available information.

e.  Failing to affirm or deny coverage of claims within a reasonable time after proof of loss statements have been completed.

f.  Not attempting in good faith to effectuate prompt, fair, and equitable settlements of claims in which liability has become reasonably clear, or failing to include interest on the payment of claims when required under subsection 15 or section 511.38.

g.  Compelling insureds to institute litigation to recover amounts due under an insurance policy by offering substantially less than the amounts ultimately recovered in actions brought by such insureds.

h.  Attempting to settle a claim for less than the amount to which a reasonable person would have believed the person was entitled by reference to written or printed advertising material accompanying or made part of an application.

i.  Attempting to settle claims on the basis of an application which was altered without notice to, or knowledge or consent of the insured.

j.  Making claims payments to insureds or beneficiaries not accompanied by a statement setting forth the coverage under which payments are being made.

k.  Making known to insureds or claimants a policy of appealing from arbitration awards in favor of insureds or claimants for the purpose of compelling them to accept settlements or compromises less than the amount awarded in arbitration.

l.  Delaying the investigation or payment of claims by requiring an insured, claimant, or the physician of either to submit a preliminary claim report and then requiring the subsequent submission of formal proof of loss forms, both of which submissions contain substantially the same information.

m.  Failing to promptly settle claims, where liability has become reasonably clear, under one portion of the insurance policy coverage in order to influence settlements under other portions of the insurance policy coverage.

n.  Failing to promptly provide a reasonable explanation of the basis in the insurance policy in relation to the facts or applicable law for denial of a claim or for the offer of a compromise settlement.

o.  Failing to comply with the procedures for auditing claims submitted by health care providers as set forth by rule of the commissioner.  However, this paragraph shall have no applicability to liability insurance, workers’ compensation or similar insurance, automobile or homeowners’ medical payment insurance, disability income, or long-term care insurance.

 

 

CHAPTER 516 LIABILITY POLICIES == UNSATISFIED JUDGMENTS

516.1 INUREMENT OF POLICY.

All policies insuring the legal liability of the insured, issued in this state by any company, association or reciprocal exchange shall, notwithstanding any other provision of the statutes, contain a provision providing that, in event an execution on a judgment against the insured be returned unsatisfied in an action by a person who is injured or whose property is damaged, the judgment creditor shall have a right of action against the insurer to the same extent that such insured could have enforced the insured’s claim against such insurer had such insured paid such judgment.