Insurance companies in Nevada typically have 30 days to investigate a claim and decide whether to accept or deny it.
RENO, NV, July 19, 2023 /24-7PressRelease/ — In Nevada, insurance companies are required by law to settle claims promptly and fairly. The time limit for settling a claim, however, may vary depending on the circumstances of the claim.
Once a claim is accepted, the insurer is required to pay the claim within 30 days of receipt. If the claim is denied, the insurer must provide a written explanation within 30 days.
There are some exceptions to these time limits. If the insurer needs additional time to investigate the claim, they can request a 45-day extension from the claimant. Additionally, if the insurer disputes the amount of the claim, they may be given more time to negotiate a settlement.
It is important to note that these time limits are not absolute and can be affected by various factors. For example, if the claimant fails to provide necessary documentation or information in a timely manner, this could delay the settlement process. Similarly, if there are legal disputes or other issues that arise, the settlement process may take longer.
“Some claims seem straightforward at first but grow increasingly complicated. Other times, it’s clear from the start that achieving sufficient compensation will be difficult,” says Attorney Patrick Leverty.
If an insurance company fails to settle a claim within the required time frame, the claimant may have grounds to file a complaint or bad faith lawsuit against the insurer. The court may order the insurer to pay damages, including any costs associated with the delay in settlement.
To ensure that your claim is settled promptly and fairly, it is important to provide all necessary documentation and information to the insurer as soon as possible. It may also be helpful to work with an experienced insurance attorney who can help you ensure that your rights are protected in the instance of bad faith.
About Leverty Law Firm
Attorney Patrick Leverty handles insurance bad faith and personal injury cases. He is committed to achieving the best outcomes possible for clients who have been injured or wronged by the negligence and bad actions of others. Leverty & Associates offers free consultations and contingency fee agreements. Visit www.LevertyLaw.com or contact them in Reno at (775) 322-6636 or Las Vegas at (702) 507-0201.
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