Regardless of the nature of one’s personal injury claim, negotiations start after a demand letter is submitted to the other party’s insurance company. If the letter is furnished along with the appropriate supporting documents, the claims negotiation process will likely consist of a few calls between the Rutzick Law Offices and a claims adjuster. Below is a short explanation of the negotiation process, along with some suggestions to help claimants succeed in personal injury law in Saint Paul.
How Negotiations Work
During the initial call with a claims adjuster, they and the claimant will point out the strong and weak areas of the claim. Following that, the adjuster will make a settlement offer that’s lower than the one in the plaintiff’s demand letter. The plaintiff then counters with a number that’s somewhere between the insurer’s offer and the one in the letter. After several rounds of negotiations, the sides agree on a settlement amount.
Reservation of Rights Letter
If one receives a reservation of rights letter from the insurer, they shouldn’t be afraid. The letter’s purpose is to state that the claim is being investigated, and that the company reserves the right to deny payment if the accident isn’t covered. The letter also protects the insurer by preventing a plaintiff from claiming that the accident is covered simply because negotiations have begun.
Think of a Settlement Amount
As part of the creation of the demand letter, one should decide what the claim is worth. Within the range, and before the plaintiff speaks to the adjuster, they should decide the minimum acceptable amount. The figure is for the plaintiff’s information, not the adjuster’s, and it’s not set in stone. If the adjuster points out facts that weaken the claim, the plaintiff may have to lower their figure.
Don’t Accept the First Offer
When an adjuster makes an initial offer under personal injury law in Saint Paul, it might be set artificially low as a way for the insurer to size up the defendant. However, if the offer is reasonable, the plaintiff can make a counteroffer that’s slightly lower than in the demand letter. By bargaining well, one can quickly get to a fair settlement amount. Click here for more details.
