Insurance policy dont cover the whole settlement.what do that person do?
gb298888 asked:
About three months ago i was injured (wrist)due to someone negligence but the doctors wanted to see if my injury would go away on its own. And put me in physical therapy as well because my hand was weak. they didnt want to resort to having to do surgery, but they have to do it now, because im in to much pain. The guy know it was clearly his fault and he wants to settle. But we have to wait until everything is out of the way including surgery. Now if his insurance policy dont cover the whole settlement. How will he come up with the rest will he sell some of his apartment buildings or will he take out a loan or something?Also if both sides agree including the insurance to the settlement how long would it take for me and my lawyer to receive the money? How long will it take for us to reach a settlement/ agreement if the guy wants to settle?
settlement loan
About three months ago i was injured (wrist)due to someone negligence but the doctors wanted to see if my injury would go away on its own. And put me in physical therapy as well because my hand was weak. they didnt want to resort to having to do surgery, but they have to do it now, because im in to much pain. The guy know it was clearly his fault and he wants to settle. But we have to wait until everything is out of the way including surgery. Now if his insurance policy dont cover the whole settlement. How will he come up with the rest will he sell some of his apartment buildings or will he take out a loan or something?Also if both sides agree including the insurance to the settlement how long would it take for me and my lawyer to receive the money? How long will it take for us to reach a settlement/ agreement if the guy wants to settle?
settlement loan
settlement loan
Are we talking about a Dr’s. Settlement? if so they have malpractice insurance and unless he has had tons of settlements, it should pay in full.
Usually you need to complete treatment before any negotiations are in swing.
It is not your concern how he comes up with the rest. Let your lawyer worry about the settlement.
It can take anywhere from 6 mo to 3 or more years for payment.
settlement loan
Well, you should be discussing this with YOUR agent.
If you do settle with the insurance company, they’ll likely make you sign a release of liability so you can’t sue him for the rest.
If you agree to settle for over the insurance limit, it’s not your problem how the guy coughs up the cash - but you very well might have to take him to court to get the judgement, and you might not be able to get the cash after that, either.
It could take YEARS to reach a settlement agreement.
But once the agreement is reached, your lawyer should have a check within 30 days. THEN, he’ll take out his third, and give you the rest, which might take another 30 days.
settlement loan
If the insurance policy is insufficient–and it probably isn’t since I recall this is rental property from an earlier question–your landlord will have to sell property or do whatever is necessary to come up with the rest. I don’t know how long this takes in NY, but 6 months is about average in my state, but we’re far less populous than NY. EDIT: If you and the other party or his insurance company reach a settlement, it would take about 2 weeks to get the papers signed and the money to you. If he has a mortgage on these properties, he would be forced to keep insurance at least up to the amount owed on the mortgage. The 6 months I gave you in the first part of my answer is if the case does NOT settle. In my state, it would go into mediation or arbitration pretty quickly. You should wait until all your medical expenses are known. If you don’t, you won’t know what is a fair settlement.
settlement loan
If you have a good case (and your lawyer will tell you that) then everything will be covered…kr
Good Luck!