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Law of Insurance Contract Disputes - Personal Statement Example

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The following statement "Law of Insurance Contract Disputes" deals with the applicable law which is the three-year statute for insurance claims to be instituted (for property damage) but a two-year statute of limitation would apply in case of personal injuries…
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Law of Insurance Contract Disputes
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Download file to see previous pages For consideration also is the choice-of-law analysis as Travelers Insurance is located in New Jersey while Aetna Casualty and Surety are in Virginia.  
The court is correct in siding with Aetna in this case. A failure to exercise the right to respond to an offer for settlement (either by acceptance or rejection) is construed as a waiver on the part of the claimant. Two years is a long enough period of time to make a reasonable response and failure to do so constitute unreasonable delay (Stempel, 1998). The statute is presumed to have started or accrued from the time of the accident (October 1981) and not on the date of the initial offer by Aetna Casualty (November 08, 1982).
The claimant, in this case, did not file any case within the two-year limitation of the statute. Civil claims should be filed within two years from the date of the accident in order to avoid the possibility of a dismissal (Schneider April 26, 2004). The offer to settle was initiated instead by the adverse party of the claimant. Further, the record shows claimant's counsel did not contradict the evidence showing customary industry practice is to respond to a settlement offer within a few weeks, not in months or years. Additionally, the claimant did not indicate immediate acceptance but only signified it a year and three months after the initial offer was made – on February 4, 1984, from the offer date of November 08, 1982 (Matthews, 2009). 
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