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New Hampshire Diminished Value

New Hampshire Diminished ValueIn New Hampshire, the statute of limitations on torts is 3 years, this means that you need to file suit against the at fault driver within 3 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 New Hampshire Insurance Commissioner.

 

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

Insurance Bad Faith in New Hampshire

 

Citation: N.H. Rev.Stat. §417:4(XV)

 

TITLE XXXVII

INSURANCE

CHAPTER 417

UNFAIR INSURANCE TRADE PRACTICES

 

General Provisions

Section 417:4

 

417:4 Unfair Methods, Acts, and Practices Defined. – The following are hereby defined as unfair methods of competition and unfair and deceptive acts and practices in the business of insurance:

XV. Unfair Claim Settlement Practices by Insurers.

(a) Any of the following acts by an insurer, if committed without just cause and not merely inadvertently or accidentally, shall constitute unfair claim settlement practices:

(1) Knowingly misrepresenting to claimants or insureds pertinent facts or policy provisions relating to coverages at issue;

(2) Failing to acknowledge and act promptly upon communications with respect to claims arising under insurance policies;

(3) Failing to adopt and implement reasonable standards for the prompt investigation of claims arising under insurance policies;

(4) Not attempting in good faith to effectuate prompt, fair and equitable settlements or compromises of claims in which liability has become reasonably clear;

(5) Compelling claimants to institute litigation to recover amounts due under insurance policies by offering substantially less than the amounts ultimately recovered in actions brought by them;

(6) Adopting or 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;

(7) Attempting settlement or compromise of a claim on the basis of an application which was altered without notice to, or knowledge or consent of the insured;

(8) Attempting to settle or compromise a claim for less than the amount which the insured had been led to believe the insured was entitled to by written or printed advertising material accompanying or made part of an application;

(9) Attempting to delay the investigation or payment of claims by requiring an insured and the insured’s physician 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;

(10) Making any claim payment not accompanied by a statement setting forth the benefits included within the claim payment;

(11) Failing to affirm or deny coverage of claims within a reasonable time after proof of loss forms have been submitted;

(12) Refusing payment of a claim solely on the basis of an insured’s request to do so without making an independent evaluation of the insured’s liability based upon all available information;

(13) Failure of an insurer to maintain a complete record of all complaints which it has received, whether or not they were deemed valid, the time it took to process the complaint, and the disposition thereof and file an annual report thereof with the insurance department.

(14) Knowingly underestimating the value of any claim by an insurer or by an adjuster representing the insurer.

(b) Evidence as to numbers and types of complaints to the insurance department against an insurer, and said department’s complaint experience with other insurers writing similar lines of insurance, shall be admissible in evidence in an administrative or judicial proceeding brought under this title, provided that no insurer shall be deemed in violation of this section solely by reason of the numbers and types of such complaints.