Questionable Breech

[gravity]

After reaching a sizable settlement out of court with an insurance company wich was structured to give 30-45 days to get the funds together the insurance company now is saying they can't do it in required time. Is this a breech of contract and if so what are my options.

 

[lawrat]

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

Okay, did you sign an agreement directly with this insurance company for this payout? If you did and they did not pay in the alotted time (and the alotted time was "time is of the essence" or has exceeded a reasonable amount of pay out time), then it is a breach of contract.

This sounds more like a judgment, which is probably a court order or arbitration settlement order. In any case, you should ask for 10% interest calculated on a daily periodic rate for that, not as a penalty but as the amount you lose had you had the money to invest today. 10% represents reasonable rate of return.

Hope this helps.