What can you do to ensure a large structured settlement payment?
Should you be unfortunate enough to be caught up in an accident that results in a fairly serious injury to you, there are several steps you can to take to ensure you get the largest possible insurance structuredsettlement awarded to you.
There are several reasons that a structured settlement payment is awarded to a plaintiff by a court, but the most common ones are the following:
1. It may be that you have been injured through an accident at work. In this case, your employer usually has to take responsibility for compensating you.
While they may or may not have taken adequate safety precautions, the fact remains you were working for them when you suffered injury and so they have to provide assistance to you if you can no longer work and earn money.
2. You might have been involved in an accident in which a member of the public was responsible.
For example, you may have been hit by a car while the driver was driving dangerously or over the alcohol limit. In this case, you are entitled to sue the person responsible for compensation.
A structured settlement payment is often offered instead of a lump sum in such cases, as otherwise the person or company liable for your injuries may be forced into bankruptcy.
While you may prefer to receive a lump sum, bear in mind that structured settlements do offer certain advantages, such as being tax free (a lump sum would be taxable), and offering you long term financial security.
Should you be hurt in an accident, take the following steps to ensure the structured settlement payment you are awarded is fair compensation, as they will all be counted in your structured settlement factoring.
1. If possible (supposing you are not incapacitated), try to ensure that no one interferes with any evidence at the scene of the accident.
You need to ensure that accident investigators cannot hold you responsible in any way for the injuries you have sustained.
2. Make sure that you keep all appointments concerning your injuries, such as with the doctor, hospital, insurers etc.
Missing an appointment will look bad in the eyes of the judge and the insurance company, which will try to get away with paying you as little as possible.
3. Keep a record of your lost earnings. You will need to get a doctor’s note for the days you were absent from work, and it will assist your claim to keep a record of the wages you have lost through not being able to go to work.
4. When negotiating for a structured settlement payment, always start high, though keep it realistic.
More than likely, the insurance company will make you a low offer at first, so you should start high and then negotiate a fair settlement.
By following these tips, you should be able to make sure that you end up with an award in the form of a structured settlement that is adequate compensation for your injuries.