§ 9-1-50 - Settled claims not paid within thirty (30) days. - Rhode-island Statutes

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Statutes > Rhode-island > Title-9 > Chapter-9-1 > 9-1-50

SECTION 9-1-50

§ 9-1-50 Settled claims not paid withinthirty (30) days. – (a) Whenever any claim is settled, the insurance company, adjusting company, orany other person, firm, or corporation responsible for paying the settlementshall make payment within thirty (30) days from the date the claimant or his orher attorney sends the release. Failure to make payment within thirty (30) daysshall raise a presumption that failure to do so was a willful and wantondisregard for the rights of the claimant. In addition to all other remedies,the payor shall be liable to the claimant in a separate cause of action forpunitive damages and interest which shall be computed at the rate of twelvepercent (12%) per annum from the date the cause of action giving rise to thesettlement occurred until the judgment on the claim brought pursuant to thissection is entered.

(b) Any claim brought under the provisions of this sectionshall be given a priority on the trial calendar.

State Codes and Statutes

Statutes > Rhode-island > Title-9 > Chapter-9-1 > 9-1-50

SECTION 9-1-50

§ 9-1-50 Settled claims not paid withinthirty (30) days. – (a) Whenever any claim is settled, the insurance company, adjusting company, orany other person, firm, or corporation responsible for paying the settlementshall make payment within thirty (30) days from the date the claimant or his orher attorney sends the release. Failure to make payment within thirty (30) daysshall raise a presumption that failure to do so was a willful and wantondisregard for the rights of the claimant. In addition to all other remedies,the payor shall be liable to the claimant in a separate cause of action forpunitive damages and interest which shall be computed at the rate of twelvepercent (12%) per annum from the date the cause of action giving rise to thesettlement occurred until the judgment on the claim brought pursuant to thissection is entered.

(b) Any claim brought under the provisions of this sectionshall be given a priority on the trial calendar.

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State Codes and Statutes

Statutes > Rhode-island > Title-9 > Chapter-9-1 > 9-1-50

SECTION 9-1-50

§ 9-1-50 Settled claims not paid withinthirty (30) days. – (a) Whenever any claim is settled, the insurance company, adjusting company, orany other person, firm, or corporation responsible for paying the settlementshall make payment within thirty (30) days from the date the claimant or his orher attorney sends the release. Failure to make payment within thirty (30) daysshall raise a presumption that failure to do so was a willful and wantondisregard for the rights of the claimant. In addition to all other remedies,the payor shall be liable to the claimant in a separate cause of action forpunitive damages and interest which shall be computed at the rate of twelvepercent (12%) per annum from the date the cause of action giving rise to thesettlement occurred until the judgment on the claim brought pursuant to thissection is entered.

(b) Any claim brought under the provisions of this sectionshall be given a priority on the trial calendar.