When to sign settlement release

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jprestona

New Member
Phoenix, Arizona
Situation: Auto accident, other party ticketed for accident, driver did not appear to be legally in U.S., brother-in-law is the insured. Their insurance offering to settle for policy limit.
Question 1: The Litigation Specialist has notified me that he is mailing me a "Settlement Release" form or "Release of all Claims". What do I need to do to ensure that I will get the amount he stated? Is this information to be included in the Settlement Release text? Should this form be signed at the time the check is given to me?
Question 2: I am thinking of getting an asset search for the responsible party. What is your opinion regarding seeking compensation from the individual when policy limits are about 1/6 of the actual claim? My concern here is that after paying back my medical insurance, there will be nothing left to cover the general damages.
Thanks in advance, Jprestona
 
If they are demanding a release of all claims against the insured then you can't go after the insured beyond the settlement. You have a legitimate concern. The insurance company has no reason to settle for more than the policy limit which, in this case, is inadequate. You may want to go after this person in court and you'll get at least that amount of money with a judgment, so it would seem.

Originally posted by jprestona
Phoenix, Arizona
Situation: Auto accident, other party ticketed for accident, driver did not appear to be legally in U.S., brother-in-law is the insured. Their insurance offering to settle for policy limit.
Question 1: The Litigation Specialist has notified me that he is mailing me a "Settlement Release" form or "Release of all Claims". What do I need to do to ensure that I will get the amount he stated? Is this information to be included in the Settlement Release text? Should this form be signed at the time the check is given to me?
Question 2: I am thinking of getting an asset search for the responsible party. What is your opinion regarding seeking compensation from the individual when policy limits are about 1/6 of the actual claim? My concern here is that after paying back my medical insurance, there will be nothing left to cover the general damages.
Thanks in advance, Jprestona
 
Thank you very much for taking the time.

Is it an option to settle with the insurance company, releasing only them from responsibility. Then deal with the insured on seperately? Also, regarding medical insurance reimbursment after I do get a settlement with the insurance co., what would be a good negotiated reduction? J
 
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