Settling one’s own claim
If it is your intention to try your own hand in the settlement process, here are a few suggestions. First of all, obtain all medical reports and results of testing. Do not trust the insurance company’s explanation as to the impressions or opinions of the treating physicians. Discuss personally with your doctors the fact that you are attempting to settle your claim, and inquire as to what, if any, residual damage is expected to occur in the future as a result of the accident. Without having this knowledge you will most assuredly be compromising your future.
Secondly, ask the adjuster to provide you with any and all information he may have on the accident. Ask him to send you all of the medical reports or medical test results in his possession. Request that he send you copies of all witnesses’ statements, accident reports, photographs or any other important information or documentation of how or why the accident occurred that is in his possession. You can believe that he has this information; securing it is his job. These requests will be a test of his “good faith,” the “good faith” that he has so often mentioned over the length of your relationship.
Thirdly, let the adjuster do most of the negotiating. Do not allow him to chisel away the figure you may have asked for. Let him try to justify his figures to you. Do not be swayed by the technique where by he tells you that he must “pass it on to his superiors.” He knows what the claim is worth. The “passing it on” is for the purpose of delay. The claim will be settled later in time for less money, because at that point the maritime worker will need the money more and will be, of course, more desperate to take whatever the offer. Time is money and no one is more aware of that than the insurance company. The insurance company, without being faced with a pending trial date, holds all the money and, hence, all the cards.
As mentioned before, the maritime worker is not on equal ground with the insurance company or its adjusters in attempting to settle his own claim. Lastly, the insurance company may offer what is commonly called a “structured settlement.” A structured settlement allows the insurance company to pay the claim over time instead of in one lump sum payment. This may be a good idea for those who would squander their settlement away. Before accepting such an arrangement, discuss the proposal with a certified public accountant (CPA), professional investor ,or legal counsel. The important thing to note is that you can do the same thing with a lump sum settlement by purchasing an annuity through an investment company. All that is important is how much the settlement in today’s dollars is worth and whether you will be retaining the principal for when the investments mature.