The purpose of insurance coverage is to spread monetary risk from one individual to a larger pool. Insurance companies are businesses that collect, manage, and allocate money to those who have paid premiums and have thus become part of this collective, insured group. An insurance policy aims to put the policyholder in as good of an economic standing as they would have been before they suffered the insured loss. However, insurance companies can often be sued for damages that are not legally binding and/or legally sound.
If you are an insurance company or a defendant who is being sued for insurance-related issues, contact the Philadelphia insurance defense lawyers at Brooks, Bradley & Doyle today.