No, a reservation of rights letter means that the insurance company is still investigating the claim and has not made a final determination about coverage. It indicates that the insurance company claims there are potential issues or exclusions that could affect coverage.
It is not necessary to sign a reservation of rights letter because it is not a contract or agreement. However, you should respond to the letter after contacting an attorney to avoid a potential waiver of rights.
Yes, you can try to negotiate with your insurance company to reach a mutual agreement However, it is important to have an experienced insurance claims attorney on your side to protect your rights and interests during this negotiation process.