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Lucy, Esq.
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Statute of Limitations: If company has a business insurance

Resolved Question:

Statute of Limitations:

If company has a business insurance claim paid by an insurer, and company later learns that the adjustor was likely incorrect in what the policy covered, how long does Insured have that it can go back and ask for the claim to be re-evaluated, and is it relevant if Insured still has a policy with that company? For instance, was told that sections a and b with a limit of X was the policy coverage, and it turns out that another section was also appropriated, which would have substantially increased the coverage.

Also, does it matter if Insured was relying on the judgement of insurance company employee/adjuster (e.g. not represented by counsel)?
Submitted: 7 months ago.
Category: Business Law
Expert:  Lucy, Esq. replied 7 months ago.
Hi,

My name is XXXXX XXXXX X'd be happy to answer your questions today.

If the insurance company was supposed to cover something and declined coverage, that is a breach of their contract with the insured. The statute of limitations for a breach of contract claim in California is four years from the date that the injury was known or reasonably should have been discovered. Usually, that would be the date they declined coverage.

The fact that the insured relied on information provided by the insurer sometimes gives rise to a separate cause of action (called promissory estoppel), but does not affect the statute of limitations, except in cases where a person fraudulently hid information so that it would not be discovered.

If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.
Lucy, Esq., Attorney
Category: Business Law
Satisfied Customers: 18750
Experience: Attorney
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