Although no two insurance companies have the same approach, there are some common elements among all insurance companies in how they evaluate and value personal injury claims. Here are some, but not all, of them:
1) Is liability on the part of the insured person(s) or company clear, and if not, is there any liability at all?;
2) The extent of injuries, disability, amount of lost wages, length of medical treatment, lost wages, lost of earning capacity on the part of the person making a claim;
3) Are there any liens against a potential recovery (Mass Health, Medicare, private health insurance company, medical providers, etc.?);
4) Has the claimant made prior claims in the past?;
5) What type of witness will the claimant make at trial?;
6) What type of witness will the defendant (the person who caused the accident and is being sued) make at trial?;
7) What are juries in Massachusetts (or the county/state the accident occurred in) awarding for similar cases/injuries?;
8) What is the reputation of the claimant's attorney, i.e. does he/she have a track record of trying cases in court?;
9) How much insurance coverage does the defendant carry?;
Whether it be a car accident, slip and fall, or any other type of accident claim, the previous list has many, but not all, of the factors analyzed by insurance companies when evaluating, and placing a value on, personal injury claims.
Good post. I think this depends on the carrier but aggravating liability factors like how reckless the defendant was under the circumstances is something that is also considered or should be considered. I say this because aggravated liability increases damages in my opinion.
Posted by: Brendan Lupetin | March 05, 2013 at 10:09 PM
Great information. I had a personal injury attorney in Olympia (http://www.putnamlieb.com) and he told me that I didn't need to contact my insurance at all. I should have but didn't know that until after the fact so I missed out on a bit of compensation money. I guess I need to look into things myself.
Posted by: Holly James | March 22, 2013 at 04:09 PM
You have mentioned some very important points in a very short way. All the 9 points are very important and it would be great if you could provide some suggestions also in another post. :)
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