Someone that has suffered a personal injury does not have to sue the responsible party, in order to get compensated for his or her losses. That same injured victim has the right to seek a settlement agreement. In that case, the opposing parties would take part in a negotiation process.
The victim would calculate his or her losses
The medical costs would represent the bulk of the economic losses. Emotional and mental issues would be the source of the non-economic issues
• Loss of reputation
• Humiliation or embarrassment
• Mental anxiety
• Loss of time with family
The likelihood for future medical problems could add to the list of losses.
Depending on the severity of the victim’s injury, the sum of the medical expenses would get multiplied why a figure between 1.5 and 5. The product could then be added to the value of the victim’s lost income.
Working with a personal injury lawyer in Kingston, the victim would adjust the value of the personal injury claim.If there were questions about liability, then the victim-lawyer team would have to lower the value of the calculated losses.
In some cases, such as those involving a truck accident, there might be multiple defendants. That would change the value of the plaintiff’s personal injury claim. The attorney would check to see if the victim had failed to mitigate the effect of his or her injuries. The absence of mitigating actions would reduce the value of the plaintiff’s claim.
Preparation of demand letter
The demand letter must state the amount of money that the victim has chosen to request. That amount should be higher than the insurance company’s lowest acceptable offer. Still, the insurance company should have no way of knowing the size for the claimant’s lowest acceptable offer.
So, what is the reason for having a lowest acceptable offer in mind, prior to negotiations? The existence of that mental figure can help claimants to judge the logic behind their reasoning. If the adjuster were to come forward with a low-ball bid, and that same bid were close to the claimant’s lowest acceptable offer, then it should be obvious that the claimant ought to seek a larger amount of money.
On the other hand, if the adjuster were to respond to the demand letter by questioning the logic behind the amount demanded, then the claimant should think about reducing the size of his or her lowest acceptable offer.
Whatever the counteroffer from the insurance company, it should push the claimant-lawyer team to produce a new offer. Eventually the exchange of offers and counteroffers should lead to discovery of an amount of money on which both parties can agree. So, the opposing parties are ready to settle.