Come January 1, 2020, a new law will go into effect that requires insurers to disclose automobile coverage policy limits in Colorado, whether personal or commercial, available to third-party claimants (someone who was hurt through no fault of their own by a negligent driver). Under the new law, if an insurance company receives a request from a third-party claimant or her attorney, the insurer must provide within 30 days a statement that includes the name of the insurer, the name of each insured party, the limits of the liability coverage, and a complete copy of the insurance policy, including endorsements.
The law also requires insurers to disclose any excess or umbrella insurance that may be relevant to the claim. The requirement to disclose excess or umbrella policies is very important as there have been many times in my career where I have repeatedly requested the applicable liability limits and the information that there is a one million dollar umbrella policy does not get “discovered” by the insurance company until well into litigation.
The penalty for failure to comply with the statutory disclosure requirements will result in a fine of one-hundred dollars per day and attorney’s fees and costs incurred by a claimant in enforcing the penalty.
Keywords: liability policy, policy limits, motorist coverage, auto accident law firm, uninsured motorist
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