New Colorado Insurance Law
A new law comes into effect today that dramatically alters the way in which personal injury settlements are negotiated in Colorado. This law prevents insurance companies and healthcare benefit providers from bringing a claim for reimbursement against at fault parties until the injured party has first been fully compensated (“made whole”) for all damages arising out of their injury.
Previously, insurance companies in Colorado were legally permitted to make claims for reimbursement (known as "subrogation") for health care benefits, disability benefits, lost income and the like paid to or on behalf of their own insureds. These reimbursement claims were made against at fault parties, regardless of whether the injured party was fully compensated or not. According to Burg Simpson founding shareholder and American Trial Lawyers Association President Michael S. Burg, this new law offers greater protection for all Coloradoans.
“At Burg Simpson we view this new piece of legislation as a positive step for individuals’ legal rights in Colorado. We envision that the legislation will not only help reduce the length and complexity of settlement negotiations, but will also enable individuals to obtain full and fair recovery for their injuries, something that up until now had not been the case,” said Mr. Burg. If you or a loved one are in dispute with an insurance company, or require help to settle a claim, call Burg Simpson's Colorado insurance law attorneys today on 1.888.895.2080
