Many claimants want to put their personal injury cases behind them as soon as possible. Unfortunately, some move to settle with an insurance company quickly but end up with a settlement that doesn’t cover their needs. Once you settle, several steps must occur before you receive your payout and can begin paying your medical bills and handling other expenses. Knowing what to do and what to expect will make this process easier.
When you work with a lawyer from Shulman & Hill, we manage all aspects of your case. This includes preparing you for the steps that occur after you reach a settlement with the insurance company. Call us to learn more: (866) 528-3139.
The Work is Not Over When You Reach a Settlement With the Insurer
While it is undoubtedly a good sign and progress in your case, negotiating a settlement with the insurance company is not the last step in recovering compensation. You must navigate several more steps before receiving a check.
Signing the Release
In exchange for your settlement, the insurance company will expect you to sign a release. This legal document will state that you are releasing the at-fault party and their insurer from any further liability in the case. This means you cannot claim additional compensation beyond this settlement, including taking the case to trial. Before signing on the dotted line, some claimants work with an attorney who can first assess their losses. This ensures they know the value of their claim before they attempt to settle with an insurer.
You should discuss the contents of the release and the settlement with an attorney if you handled the negotiations on your own. If you worked with our team, we can review the release with you. We may even negotiate with the insurer or defendant’s attorney about the clauses they include.
Waiting for the Check
When you sign the release, the insurance company will not cut you a check immediately. However, once they receive all the paperwork, they generally have up to 21 days to pay you, according to the New York State Department of Financial Services.
If you work with an attorney, the insurance company will send it to the law firm. The firm will deposit it into escrow temporarily until it clears.
Paying Liens or Disbursing Payments
Once the check clears, you may have obligations to meet. If your lawyer receives the check, they can cover any liens against you and take out the attorney’s fees. Then, they can disburse your settlement money to you. You will need to manage this process independently if you receive the check.
Our Attorneys Will Manage This Process for You
When representing a personal injury victim in New York, we handle all aspects of their case. This may include investigating what happened, negotiating with the insurer, filing a lawsuit, and taking the case to trial. It also includes the steps necessary after we reach a settlement or win a verdict.
Agreeing to an insurance settlement strips you of the right to pursue additional compensation in the case. Because getting the money you need is vital to your financial health, you want to have a knowledgeable personal injury lawyer on your side to advise you. Let our team review your case and explain our services for free today.
Shulman & Hill Protects Clients’ Rights During Insurance Negotiations
Shulman & Hill attorneys make every case we handle personal to us. We want to ensure you have the strongest case possible and will pursue compensation on your behalf. This approach has secured more than $400 million and made us New York’s premier personal injury law firm.
Our New York personal injury lawyers take on cases regardless of their difficulty or complexity. We know what it takes to build a solid case and secure compensation for our clients. We do not believe accident victims should pay for their care out of their pockets. We are ready to work with you to get justice and hold the at-fault party accountable in your case.
Discuss Your Options for an Insurance Settlement With Our Team Today
Shulman & Hill offers free case reviews for victims of personal injury incidents in New York City and statewide. We represent those hurt by someone else’s carelessness and fight for fair compensation based on their case facts. We want to do the same for you and walk you through what happens after settling with the insurance company.
Call (866) 528-3139 today to learn more.