Bona Fide

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Bona Fide

In law, belief that a statement or act is made or done honestly and with no ill intent, even if ill effect results. Liability for ill effect may be lessened or eliminated if the statement or act causing it was bona fide. The term is Latin for "in good faith," and the concept is sometimes referred to in this way.
References in periodicals archive ?
Coblentz plaintiffs cannot control whether the relevant insurance policy provides coverage for the claim at issue, nor can they decide whether an insurer will defend the claim or not, but they certainly can endeavor to accept a reasonable amount from the insured and conduct legitimate negotiations and consummate the settlement in good faith.
Thus, Berges was not a situation where the insurer did not have an adequate opportunity to investigate the claim, or was denied any information requested from the claimant, nor was there any evidence the claimant was not negotiating in good faith.
7) Missing from this statute, however, is an affirmative, reciprocal obligation on the part of the insured or third-party claimant to likewise act in good faith in attempting to settle the claim.
Rix LJ stated: If it is right to allow that circumstances could arise where an insurer would not be in good faith by acting on a prima facie right to avoid for non-disclosure, then the question would have to be faced as to the conceptual analysis whereby an exercise of a fight to avoid could be invalidated by the insurer's bad faith.
In the Third Edition of Casualty Claims Practice (Irwin Press, 1964), James Donaldson cited an unnamed case in which the court had said, "By asserting in the policy the right to handle all claims against the insured, including the right to make a binding settlement, the insurer assumes a fiduciary position towards the insured and becomes obligated to act in good faith and with due care in representing the interests of the insured.
In any forward-looking statement in which ConocoPhillips expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished.
This article explores whether an insurance carrier may also be responsible for a punitive damage award against its insured, based on the insured's conduct, as part of a compensatory damage claim in a subsequent action for bad faith against the carrier and, if so, the issues a carrier may encounter while discharging its obligation to its insured to act in good faith in the defense of an underlying claim involving punitive damages.
Courts have held that there is a legal duty implied in both first- and third-party insurance contracts that an insurer must act in good faith in dealing with its insured.
11) Each case is determined on its own facts, and the question of the insurer's failure to act in good faith with due regard for the interests of the insured is for the jury.