§ 10-3-1005 — Attorney fees

Colorado § 10-3-1005

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

In any action against an unauthorized foreign or
alien insurer upon a contract of insurance issued or delivered in this state to a
resident thereof or to a corporation authorized to do business therein, if the insurer
has failed for thirty days after demand prior to the commencement of the action to
make payment in accordance with the terms of the contract, and it appears to the
court that such refusal was vexatious and without reasonable cause, the court may
allow to the plaintiff a reasonable attorney fee and include such fee in any
judgment that may be rendered in such action. Such fee shall not exceed twelve
and one-half percent of the amount which the court or jury finds the plaintiff is
entitled to recover against the insurer, but in no event shall such fee be less than
twenty-five dollars. Failure of an insurer to defend any such action is deemed prima
facie evidence that its failure to make payment was vexatious and without
reasonable cause.

Legislative History

Source: L. 55: p. 478, � 4. CRS 53: � 72-19-4. C.R.S. 1963: � 72-18-4.