Your Company Sends You A Check After Being Hurt On The Job, Should You Cash It?
Cashing the check may waive your right to additional compensation
Most insurance checks are pre-printed and include a waiver notice. Typically, this waiver involves language which states that you waive your rights to future legal action and further compensation by cashing that check.
In some cases, insurance companies will send you a check for the damages it feels you’re entitled – which they may or may not have honestly appraised – to compensate you for your losses. It is recommended not to cash the check. Once you cash the check, you have essentially accepted the offer as is and the chances of receiving any residual compensation becomes very unlikely. In this case, a personal injury attorney would walk you through all the ins and outs as it relates to insurance company tactics.
Insurance companies are always going to try to pay you the lowest amount possible. You may not be aware, but it may be a very low amount in proportion to the maximum you could legally recover. But if you cash that check, you will very likely be limiting your recovery to that amount.
Before cashing any insurance check, consult with an experienced injury attorney. Avoid signing the check, and, if possible, do not even tear the check away from the check stub. Retain the envelope, so you have a clear record of when the check was received. It will help to make it clear that you are not necessarily interested in settling for that amount.
Major points to consider before accepting a settlement:
You may refuse the first offer. You should do this in writing to the insurance company. Set forth the facts of the case, your injuries, and the value of your auto accident settlement.
After establishing the value of your claim, decide upon a number range that you feel would be fair compensation for your claim settlement.
Let the insurance adjuster make the first offer. Keep in mind, they will have decided on a range as well. This first offer will give you the low end of her range.
Start at the higher end of your range and explain the circumstances that prompted you to come up with this figure.
Do not ask for an outrageous and unreasonable amount just because you think the insurance company “can afford it”. That won’t bring you any closer to settling your claim.
Asking for more than the amount of the first offer opens the door to further negotiations is perfectly fine. Be reasonable.
Does it cover your losses to the full extent?
It is first important to determine whether your harm is effectively accounted for by the settlement offer. Not every person has the right to settle for the complete value of their loss. In some cases, the terms of the insurance policy legitimately exclude the losses of individuals. That said, if you have losses that are not accounted for in the settlement check and you think those losses should be covered under the terms of your policy, you should continue fighting. An experienced attorney can assist you to make a claim for personal injury. The Hollingsworth Law Firm, PLLC is a firm you can trust to represent your best interest with honest and expert legal experience. We understand what you and your loved ones are going through, and have been helping personal injury victims like you through the years. We can help you obtain the monetary compensation that may be owed to you.
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