In certain circumstances, the media seems to hold a jaundiced view of insurance companies. However, without the protection provided by many different branches of the insurance industry, many consumers and businesses would be left vulnerable and unable to rebuild after a devastating event. New York residents have likely experienced situations where an insurance policy enabled them to recover from an unforeseen setback.
One state recently announced the introduction of proposed legislation that would offer some protection to one area of the insurance industry. The bill would prevent attorneys from filing a lawsuit that would seek two-pronged compensation. A driving force behind the proposed bill is to aid in the rising lawsuit abuse crisis and to help prevent the insurance companies from reducing coverage to private homeowners.