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Are You Being Approached By The Insurance Carrier To Settle Your Claim?
Posted by: Cheryl Martin
April 02, 2010
Topic: Personal Injury
Did you know that under Colorado law, if you've been injured as a result of an incident which may give rise to liability and you are receiving medical care or are hospitalized no person or agent of a person with interests adverse to yours shall
•- Negotiate or attempt to negotiate a settlement within 30 days of the event causing injury.
•- Obtain or attempt to obtain a general release of liability from the injured patient within 30 days of the event causing injury.
•- Obtain or attempt to obtain a written, oral or recorded statement from the injured patient for use in negotiating a settlement or obtaining a release (except in a civil action).
Did you know that any settlement agreement entered into or general release of liability given by the injured person in violation of the law shall be void?
Likewise, any statement, written, oral recorded or otherwise, which is given by the injured party in violation of the law may not be used in evidence against the interest of the injured party in any civil action relating to the injury.
These rules do not preclude the taking of statements by peace officers acting in the ordinary course of their employment, and nothing shall preclude the use of such statements for any purpose permitted by statute or rule of court applying to the admission of evidence.
If you were injured in an incident and another party was clearly at fault, often times an insurance adjuster will approach you about trying to settle your case. This means in very basic terms the insurance company for the at-fault party will want to pay you a one time lump sum of money in exchange for your waiver of all your rights and claims against the party that caused you harm. This may include injuries and damages you may not know you even have.
Rarely will an insurance company pay your medical bills "as you go". Rather the insurance carrier will want to pay you once, for all of your damages, in exchange for an agreement that you will not make a claim or file a law suit against the person at fault.
A decision as to whether to settle your claim and at what value is a complex decision with long term consequences. In order to determine what a "reasonable amount for a settlement" is in any particular case requires a case by case analysis of multiple factors including the nature of the injuries, age of the individual, past and future wage loss, degree of permanent impairment and medical limitations that may limit physical activities or work duties. Consideration must also be given to all of the emotional stress, pain and suffering, inconvenience and loss of enjoyment of life the injury has caused.
Often times, a quick and early settlement is not in the best interest of an injured person. In many instances, the full extent of the physical injuries and monetary losses from an injury are not known for several months after the initial incident. If you have been injured and would like our professional assistance in evaluating your claim, please contact us for a consultation... before you make any decisions regarding settlement.
