Insurance 101 – Chapter 14 – Volume 31 – Settlement Negotiations

Settlement Negotiations

Making an offer shortly after the injury-causing incident is preferable to protracted negotiation. A fast settlement can eliminate potential “bad breaks” resulting from subsequent events or discoveries.

It should be obvious that if the claim looks bad it will probably not get any better with the passage of time and there is an excellent chance that it will get worse. Settling the claim early will avoid a large judgment against the insured later. Quick evaluation and settlement also enable the insurer to avoid defense costs—but this consideration should not lead to unconsidered settlements at the expense of a good claim adjustment.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

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The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.

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