Insurance

What is Insurance?

Insurance is, “a contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the “insurer” or “underwriter;” the other, the “insured” or “assured;” the agreed consideration, the “premium;” the written contract, a “policy;” the events insured against, “risks” or “perils;” and the subject, right, or interest to be protected, the “insurable interest.” (Black’s Law Dictionary 946. 4th Ed. Rev. 1968)

An insurance policy is a contract in which an individual or entity (the policyholder) pays an insurance company (the insurer) in regular payments in exchange for financial protection over specific risks or losses. For example, medical insurance helps to cover medical costs, such as hospital visits, hospital stays, and medications. Similarly, auto insurance helps to cover damages incurred from car accidents. Insurance payments are known as premiums. Insurance contracts typically limit the amount of costs that an insurance provider may be required to pay.

The McCarran-Ferguson Act (15 U.S.C. § 1011) grants many aspects of insurance regulation to individual state governments. However, federal laws like federal taxes do apply to insurance, and must be acknowledged. Insurance is important to the legal system, as it helps protect individuals, those who cause harm to individuals through negligence, and any third party that is faced with the burden of compensating for an injury.

More information about Insurance

Property Damage from a Car Accident

Property Damage Claims After a Car Accident

One of the most common questions people ask after a car accident is: How can I get my vehicle fixed? Who is responsible for repairs? Do I need a lawyer?

If your vehicle sustained damage in the accident but you were not physically hurt, then, fortunately, you won’t need a personal injury lawyer. Property damage claims are usually faster and easier to resolve than personal injury claims. In fact, most property damage claims can be handled without an attorney. But we understand that getting your vehicle up and running again can be very stressful. Here’s what you can expect with a property damage-only claim.

Vehicle property damage claims may include:

Repairs to your vehicle
The market value of your vehicle if it is a total loss (totaled)
Related costs such as vehicle rental and towing

In most cases, […]

What is “PIP” coverage on my auto insurance policy?

car-accidents

One of the questions we hear most frequently as personal injury lawyers is “Who is responsible for my medical bills if I’m hurt in a car accident?” In Pennsylvania, you would first go through your Personal Injury Protection or “PIP” coverage. Once you’ve exhausted your PIP, you would then turn to your own health insurance for the remaining medical costs.

What is PIP coverage?

Personal injury protection or “PIP” pays for your own medical costs when you’ve been hurt in an accident. This is true no matter who is at fault for the crash. This is why PIP is sometimes referred to as “no fault” insurance. Your PIP also covers you when you’re a passenger hurt in someone else’s vehicle, or if you’re hit as a pedestrian or on a bicycle.

Do I have PIP coverage on my policy? […]

Do I need to purchase rental car insurance?

If you’re traveling this summer, you may decide to rent a car for a road trip, or just to explore your vacation destination. When you rent a car, you have the option to purchase rental car insurance at the counter. Is this a good idea, or a waste of money? The answer is that it most likely depends on what kind of insurance you already have, if any. Some drivers absolutely need to buy rental insurance, but others don’t. And chances are you probably don’t need all of the coverages they offer.

Let us explain…

The different rental car insurance options

Liability coverage – Also known as “supplemental liability coverage.” Liability coverage is required in all states. This is the coverage that applies if you hurt someone or damage their property in an auto accident. If you have sufficient liability coverage on your personal auto policy, […]

Gov’t shutdown halted investigation of deadly crashes

Amid the 35-day partial government shutdown earlier this year, NTSB investigations of deadly crashes were put on hold. At this point, crucial evidence may be lost forever.

On December 22, 2018, the United
States government came to a grinding halt in what would become the longest
government shutdown in U.S. history. The
shutdown, which was temporarily brought to an end on January 25, 2019, not only
left government workers furloughed or working without pay for 35 days, but also
negatively impacted several federal agencies and organizations.

One such agency is the National Transportation Safety Board (NTSB). The NTSB is responsible for determining the probable cause of transportation accidents, promoting transportation safety, and assisting victims of transportation accidents and their families. Any delay in investigations has the potential to prevent insurance companies from paying claims to victims and their families as well as preventing justice from being served in the event of criminal cases. […]

Trucking app promises progress, but raises safety questions

Technology has the capacity to transform the trucking industry and improve truck drivers’ way of life. Of course, that technology comes with questions about highway safety and to what extent tech companies can be held liable as their products become increasingly central to our lives.

truck-accidents

The trucking industry is a fast-paced, competitive environment worth hundreds of billions of dollars. This market, combined with the overall unavailability of a direct and easy way for truckers to arrange the loads they haul, leaves a gap for the ever-growing technological advancement of our modern age to creep in. In 2013, Drew McElroy and Jonathan Salama took advantage of this gap to create the app “Transfix.” This app aims to make it easier for independent truckers to schedule loads, thereby decreasing the amount of time a truck may sit empty, losing money. Typically, independent truck drivers rely on freight brokers to schedule the loads they haul. […]