When concerning personal injury lawsuits there are sometimes so many parties involved, payment can possibly come from many different sources. Lawsuits may involve individuals, companies, and/or insurance companies. However, when the case settles, who will be paying out? This answer weighs heavily on all of those sources as well. If you are involved in a personal injury incident and are not at fault, if the other person is insured, their insurance company will more than likely being the ones paying out the funds for the expenses you’ve accrued.
Regardless of what end of fault you may fall on, it is very important to have insurance coverage. There is liability coverage for homeowners, motor vehicle owners, and businesses. What liability insurance does is protect these homeowners, motor vehicle owners, and businesses in the event that they are at fault for any accident or harm to another person on their property or due to any form of negligence that they may have caused.
Financial obligations are already responsibilities we cannot live without, however, if you are a victim of an accident it is not fair to have additional burdens placed on you due to another person’s negligence. There is also personal liability protection included in policies that is there to protect the defendant, but it is also to ensure the plaintiff does not suffer for injuries and pain due to an incident they did not cause.
After such incident, it is best to hire an attorney, like a personal injury attorney Atlanta GA relies on, to assist with filing your claim with the defendant’s insurance company. Whichever type that may be. There have been several instances where the defendant’s insurance company will offer a settlement to avoid litigation. And just because a settlement has been offered, does not mean that offer has to be accepted. Hire an attorney that will also fight for a settlement, or pay out, worth your injuries and suffering. To avoid the hassle of litigation there may also be negotiations after the investigations are completed. This is more than likely to be expected. Negotiations might go back and forth after the insurance company completes their investigation into the accident.
The insurance company could also deny or dispute the claim. When a settlement is refused, your attorney would have to file a lawsuit against the negligent party and their insurance company.
Insurance companies also have policy limits on their policies. The maximum policy limit will determine the payout in your lawsuit. If you are injured in a motor vehicle accident and your lawsuit or settlement happens to be, for example, $50,000, if the insurance liability coverage is $50, 000 or more your settlement will be paid out. If the policy limit happens to be less than what is owed to you based on your case, your attorney will be required to pursue the assets of the defendant. Be sure to work with an attorney that will understand this possibility, and know to research the defendant’s assets before filing a lawsuit to ensure that you will receive everything that is owed to you.
Thanks to our friends and contributors from Andrew R. Lynch, P.C. for their insight into who pays a settlement and personal injury practice.