Usually, someone that has been injured in an accident would like to receive a fair compensation. Achievement of that specific goal becomes more of a certainty if the injured claimant knows what strategy to use during the negotiations.
Negotiations start after claim made, and demand letter sent to defendant’s insurance company.
In that document, the plaintiff emphasizes the strengths of his or her argument. The same document lists the weaknesses of the other side. In addition, it must give the amount of money demanded by the plaintiff. Besides that the amount in the demand letter, the plaintiff should have determined the minimum amount of money in an acceptable settlement. This number can be changed later.
–It could be lowered if the adjuster reveals an unrecognized weakness in the plaintiff’s case.
–It could be raised, I the adjuster responded to the demand with an offer that was close to the claimant’s minimum figure.
Additional tips for claimants
What actions to take if the adjuster’s initial offer is exceedingly low: Ask for an explanation of the reason for the low offer. Make this request over the phone, and take notes as the adjuster provides an answer. Wait for a reply. After studying the adjuster’s answer, reduce the amount demanded slightly. The adjuster should send a more realistic offer. Respond to that, and to any succeeding offers.
Once both sides agree on a figure mentioned in one or more bids, then that is a sign that a settlement is in the making. The adjuster’s boss may need to OK the amount that the adjuster has chosen to offer. The claimant should seek a written clarification of the terms of the settlement.
That clarification should include the amount of money in the claimant’s compensation, as well as a listing of the injuries covered by the agreement/settlement. In addition to the clarification, claimants need to get the details on the delivery of settlement documents. What sort of material can be found in those documents?
Insurance companies want claimants to sign a release form, before receiving their requested compensation. A signed release form keeps the signee/claimant from suing the insurance company again for the same injury. That is why lawyers tell their clients not to start negotiating until they have reached the stage of maximum medical improvement (MMI).
The sooner that the claimant’s signed release form reaches the insurer’s offices, the sooner will the insurance company agree to release the promised compensation. That is why experienced claimants make a point of asking for the date when settlement documents will be sent to the plaintiff.
Most claimants work with a personal injury lawyer in Kitchener. Their check gets sent to their lawyer, who removes the agreed percent for contingency fee.