Breaking Down The Settlement Negotiation Process
Michael Babboni
Car Accidents
In order to obtain a settlement after a slip and fall accident or car accident injury the negotiation process is something you’ll need to experience. Typically, most personal injury cases are settled out of court through negotiations, and while stressful, they can ensure a relatively smooth process from accident to compensation. With your St. Pete lawyer by your side, you’re giving yourself your best chance at a successful experience.For those who have never experienced the negotiations process before, this can be a somewhat intimidating experience. Your St. Pete lawyer will be able to make clear to you the entire process and what to expect, and so will breaking down the steps of the process in a succinct way that explains what happens during negotiations and why.
The steps of the negotiations process are:
• You file your claim – Following your accident, the first step in the negotiations process is the filing of your claim. This is notifying the company of your accident and injuries, and it should be done as quickly as possible after an accident has occurred. Obtaining an attorney before this step is typically recommended.
• Your reservation of rights – After you file your claim, you may receive a reservation of rights letter from your insurance provider. This letter will explain that the insurance company will investigate your claim, and if you have any questions about this letter it should be brought to your St. Pete lawyer as soon as possible.
• The demand package – You and your St. Pete lawyer will work together to craft a demand package. The demand package will lay out basic information about your accident, your damages, and your desired settlement, explaining to the insurance company what type of compensation you need and why you need it.
• The response – After your demand package is received, the insurance company will craft a response. At this point, the response will usually attempt to downplay your desired settlement amount, and perhaps provide an offer dramatically less than what you were asking for. Usually this first offer is rejected, and you and your attorney reiterate the accident damages and the needs you have due to those damages.
• The negotiations – This back and forth between you and your insurance claims adjuster may continue for some time. As your insurance company goes closer to your number, and you move closer to their offers. Eventually, a final offer will be provided and it will either be accepted or rejected by both parties. Once accepted, your settlement amount is often decided upon and you may not be able to obtain more in the future regardless of your injuries.
• Going to court – In some cases, insurance providers and injured parties do not settle on a settlement amount, and cannot settle on an amount, so the case must be taken to court. If your damages cannot be covered by what the insurance provider is willing to offer, going to court may be your only option to get the compensation you need to cover the cost of the accident.
All throughout the negotiations process, your St. Pete lawyer will be able to represent you, making sure you’re getting your best chance at a fair settlement. If your desired settlement amount cannot be reached, they will also represent you in court, so they can fight to get you what you deserve. Mounting medical costs, lost wages, the cost of continued care, and other damages don’t need to hinder your recovery, and with the right settlement and representation, they don’t have to.