Most homeowners’ insurance policies provide disputes over the value of the claim can be taken to appraisal and the amount determined by disinterested parties. The appraisal clause has its roots in the statutory fire policy addressed in earlier posts. The statutory provision provides for appraisal upon the request of either party to the claim. The
Insurance Fraud In An Application Can Result In Rescission Of The Policy
Oklahoma insurance law attorneys agree there are a number of reasons why a policy may be voided by an insurance company. Fraud by the applicant or policy holder is the most common reason an insurance company would rescind or void an insurance policy. Rescission is defined as:
1. A party’s unilateral unmaking of a contract
The Statute Of Limitations For Filing Suit On A Homeowners’ Fire Policy Is One Year
It has come as a surprise to many an attorney that Oklahoma has a one year statute of limitation in which to file a lawsuit for a claim involving a fire loss. The one year limitation is set forth by statute in the statutory fire policy. This rule is a significant exception to the typical
Oklahoma Has A Statutorily Mandated Fire Insurance Policy
The Oklahoma legislature in 36 O.S. § 4803 has adopted a statutory version of a fire policy sometimes referred to as the “New York Standard Fire Policy”. The statute requires all insurance companies issuing homeowners’ policies in Oklahoma to have the minimum coverage required by the statute unless special approval has been received from the
Under Oklahoma Law An Insurance Policy Is A Contract
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Some people, including insurance adjusters, forget an insurance policy is a legally binding contract. Claim representatives who adjust a lot of liability and third-party claims sometimes tend to confuse the issue of coverage under a policy with liability for the accident. These issues are not related.
One reason insurance policies don’t seem like binding contracts