Brotherly Law

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The Settlement Process

50. The Settlement Process1When you have been injured due to no fault of your own, the settlement process is first pursued in order to secure the compensation you need quickly. A settlement can be reached out of court, keeping you from having to go to trial. However, there can be a lot of negotiating happening between your attorney and the insurance company or attorney for the other party. In a way, it is almost like haggling in order to reach the right price. You know how much your item is worth, but the other party tries to talk you down.

The insurance companies will offer inadequate settlements in order to preserve their bottom lines. Attorneys for the insurance company or those directly representing the defendant will do the same for their clients. Your attorney, on the other hand, wants to see you get the compensation that you need to recover from your injuries.

If you have been injured due to someone’s negligence and you wish to recover compensation for the costs that you have incurred from the accident, Brotherly Law can help you. Through our experience negotiating with insurance companies and other attorneys, we have achieved results for our clients time and time again.

Steps of the Settlement Process

There are some basic steps that are taken in all settlement cases. These steps are necessary to ensure that all bases are covered in the process. They are:

  • The demand letter asks for a high amount based on the calculated worth of the claim
  • The insurance adjuster responds with questions regarding liability or they state that a certain medical treatment wasn’t necessary
  • Your attorney responds to the arguments of the insurance adjuster
  • The adjuster makes a low counteroffer to see if you are in a rush to take a settlement
  • You make an offer slightly lower than the first one that was sent to the adjuster in the demand letter
  • The insurance adjuster increases the settlement offer
  • You then decide whether or not to accept the counteroffer or make another counter-demand

This does seem rather simple, but there are some technicalities involved with getting to this point. For instance, the main facts have to be nailed down so that you and your attorney are adequately prepared for all stages of the claim. These stages are investigation, supporting documents, and the preparation of the demand letter. You also want to have an idea of how much you are willing to settle for and how fast you want the money.

Settlement Negotiation

The negotiation aspect of the personal injury settlement process will begin shortly after the insurance adjuster receives the demand letter. The adjuster will usually call you within two weeks of receiving the letter. Exactly when they call depends on how busy they are and how much time they need to go over the claim. They may also need to speak to their insured about what happened in the accident.50. The Settlement Process2

Before this call, however, you may receive a reservation of rights letter. This is a letter that advises you that your claim is being investigated, but the insurer is reserving the right to not pay anything if it turns out the accident is not covered under the insured’s insurance policy.

You shouldn’t be too concerned over this letter because its intent is to protect the insurance company. It more or less plants an idea that the insurance company may or may not cover the loss. Chances are they have determined that the accident is covered under their insured’s policy. This is not something to be intimidated over since the insurance company must conduct an investigation. If you have any questions about this, your Philadelphia injury attorney will answer any and all questions that you may have.

Injury Attorneys in Philadelphia Guiding You through the Personal Injury Settlement Process

A meaningful settlement made by the defendant’s insurance company or lawyers is what a plaintiff strives for in order to move on with life much sooner. If you or a loved one has been injured due to no fault of your own and you wish to file a claim in order to secure the compensation that you deserve so you can pay accident-related expenses and move on into the future, Brotherly Law can help. We have experience with both informal complaints and formal lawsuits, and fighting for the results our clients need. To learn more, call us at (215) 545-8500 or contact us online to schedule a free consultation.

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If you have been injured due to no fault of your own, you may be able to hold the responsible party accountable for the monetary damages resulting from the accident. Fill out the form below to request a free consultation so we can evaluate your case.

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