Whether one has a personal injury case, was injured in an auto accident, or was the victim of medical malpractice, negotiations are in order after a demand letter is submitted to the insurance company. If the letter and its supporting documents have been presented, the negotiations will likely only consist of a few calls to a claims adjuster. Below is an explanation of the negotiation process and a few suggestions to make it easier.
How Negotiations Work
During the initial call to the claims adjuster, the accident attorneys and the victim will point out the high and low points of the claim. Following that, the insurance adjuster will submit a settlement offer that’s typically lower than that listed in the demand letter. The victim counters with an offer that’s higher than the adjuster’s amount, but still lower than the initial figure. After a few phone calls, the sides agree on a figure that’s between the two amounts.
Reserving Rights
A person who receives a letter of reservation from the insurance company should not be worried, but they should think of visiting domain URL to schedule a consultation. The letter merely tells the receiver that their claim is being investigated, and a payment may not be made if it is found that the incident isn’t covered under an insurance policy. These letters protect the insurer by preventing a victim from claiming coverage just because the company started settlement negotiations.
Arriving at a Settlement Amount
When writing a demand letter, the claimant should determine what the case is worth. After that, and before speaking to an insurance adjuster, the victim should arrive at a minimum acceptable figure. This number isn’t set in stone. If the adjuster points out facts that diminish the claim, the number may need to be lowered. If the amount proposed by the adjuster is near or at the victim’s minimum, they may want to raise the figure.
Get the Settlement Written Down
When the victim and the claims adjuster reach an agreeable amount, the agreement should immediately be confirmed in writing. The confirmation letter can be concise, stating the settlement amount, the damages and injuries covered by the settlement, and the deadline for receipt of settlement documents from the insurer. Those who are unfamiliar with the process should consider calling accident attorneys for help with insurance negotiations.
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