10 Things To Think About When Reviewing A Settlement Offer

Receiving a settlement offer from an insurance adjuster can be a welcomed announcement. After all, it may be an opportunity to close an upsetting period of life, but it’s essential to approach such offers with caution and careful consideration.

When you speak with a skilled Miami personal injury lawyer, you are connecting with a professional who understands the importance of thoroughly reviewing settlement offers. Attorneys know how to assess agreement details and ensure you will be receiving fair compensation.

Offer Considerations to Keep in Mind 

1. Adequacy of compensation. One of the first considerations is whether the proposed settlement amount adequately covers all expenses and damages related to the injury. A lawyer can assess the fairness of the offer by comparing it to similar cases and advocating for maximum compensation.
2. Liability admission. You will also want to determine if the settlement offer includes an admission of liability by the insurance company or the at-fault party. An agreement accurately reflects the responsible party’s fault and prevents any disputes regarding liability in the future.
3. Timeliness of payment. Reviewing the proposed timeline for receiving payment under the settlement offer is also important. You want expedited payment or clear deadlines to ensure compensation for losses.
4. Release of claims. Be sure you understand the scope of the release of claims included in the settlement agreement, including which parties and claims are covered.
5. Future medical needs. If you will still be needing medical care, your settlement offer should adequately account for future medical treatment, rehabilitation, or ongoing care related to the injury. A lawyer can consult medical experts and calculate the estimated cost of future medical expenses to ensure comprehensive compensation.
6. Tax implications. Before signing on the dotted line also assess the potential tax implications of the settlement amount, particularly for compensation received for pain and suffering or emotional distress.
7. Insurance policy limits. Having an understanding of if a settlement offer exhausts insurance policy limits or if additional sources of compensation may be pursued will allow your attorney to investigate all potential avenues for recovery, possibly negotiating with multiple insurance companies or parties to maximize compensation.
8. Rights preservations. Ensure that accepting the settlement offer does not waive any rights to pursue further legal action or appeal, if needed.
9. Informed decisions. A lawyer can provide clear explanations of the offer and its implications, empowering you to make informed decisions.
10. Legal representation.There are many benefits to having legal representation throughout the settlement negotiation process to protect your rights. A Miami personal injury lawyer can handle all communication with the insurance company, conduct a thorough review of the settlement offer, and provide expert guidance on the best course of action. 

Reputable Attorneys Can Help

Was it a good offer? If you were offered a settlement and find yourself wondering if a better agreement could be in reach, connect with the attorneys at Spencer Morgan Law. Attorneys are available to guide individuals so they can navigate the complexities of settlement negotiations with confidence. Call 305-423-3800 to schedule your confidential consultation.