In a personal injury case, the injured victim has a dispute with the responsible party. In other words, the disputing party is the person that has injured the victim. In order to get compensated for his or her injuries, the victim needs to reach an agreement with the disputing party.
Steps to be followed on the path to an agreement
• The claimant presents a demand in the form of a letter.
• The adjuster assigned to the case reviews the claim and speaks with his or her insurer.
• The adjuster offers feedback, usually by calling attention to the points of weakness in the plaintiff’s argument.
The Personal Injury Lawyer in Kingston knows that the claimant could get a reservation of rights letter. In that same letter, the insurance company would state that the initiation of negotiations did not qualify as an admission of the need to provide coverage.
• The claimant responds to the adjuster’s points.
• The adjuster studies the claimant’s response and then issues a counteroffer. The counteroffer should be slightly lower than the demand.
• The adjuster then raises his or her offer.
• Both parties keep making a new offer, until they have managed to agree on one of the proposed figures.
What factors could determine the outcome of the negotiations between the 2 parties?
Plaintiffs that have prepared the collected evidence stand better equipped to deal with the adjuster, and, thus, stand a better chance for winning a fair settlement. A well-written demand letter provides the claimant with the chance to make a stronger case. The presentation of stronger case works to increase the size of the settlement.
A plaintiff should find it easier to negotiate with the adjuster, if he or she has determined what amount of money would be in the lowest acceptable bid. Plaintiffs that have such a figure in their minds can more easily assess the suitability of any one of the adjuster’s bids. Finally, any effort that represents a rush towards achievement of a settlement tends to lower that same settlement’s size. Plaintiffs that are extremely eager to settle their case tend to agree with an adjuster’s low bid. That is why lawyers encourage their clients to wait until they have reached the stage of maximum medical improvement.
Personal Injury Lawyer in Kingston knows that a rush to settle does not aid achievement of a fair deal/settlement. In fact, it could force the plaintiff to sign a release before his or her injury has healed completely. Then, new symptoms could arise later. Yet, the insurance company would not have to cover the cost for any new treatment.
The signing of a release has cleared the insurer of the need to cover any new symptoms. That fact should highlight the need to await arrival of the stage with maximum medical improvement.