Everything You Need to Know About Personal Injury Settlement Release Forms
If you’ve been injured in an accident that was the result of someone’s negligence, you will probably be contacted by that person’s insurance company with a settlement offer. The insurance adjuster may ask you to sign a personal injury settlement release form before accepting the compensation, but you’re wondering what this form is and if the offer is good. We want to tell you more about personal injury settlement release forms and what their purpose is in these types of claims.
What is a personal injury settlement release form?
This is a document that allows both parties to agree that the differences between the two are resolved, the claims are dismissed, and liability is released from the opposing party. Basically, when this form is signed, the injured person agrees that the responsible party is free from any further legal liability, and no more compensation can be collected from this particular incident.
What is in the personal injury settlement release form?
Any release form should include all of the relevant details of the case. Here’s a short list and explanation of what should be included on the form:
Details of the accident: The date and location of the accident should be the bare minimum amount of information provided about the accident.
Claims: There should be a description of the claims that the form is releasing. Sometimes it will say all claims, just bodily injury, or just property damages. It is important to know if you are releasing part or all of your claims.
Identification of the parties: This form should outline everyone who was involved in the incident and to what extent.
Payment: The amount of money the insurance company is agreeing to pay for the release of your claims should be outlined in the form.
What do I need to know before I sign this form?
There are a couple of things you should be aware of before you sign any type of personal injury settlement release form.
First, you are entitled to have an attorney review the form and the proposed settlement to ensure that the offer is fair. Our firm will review your proposed settlement and release and give you our opinion on it, free of charge, and if we think we can get you more compensation, then WE WILL AGREE TO TAKE YOUR CASE FREE OF CHARGE UNLESS WE CAN PUT MORE MONEY IN YOUR POCKET THAN YOU WOULD GET WITH YOUR PROPOSED SETTLEMENT. If you sign the form, you cannot go back and add more claims. It is important to reach maximum medical improvement before you accept any type of settlement. This means you should work with your health professionals to ensure your doctors believe you have recovered to the fullest extent, because it is possible to have other injuries or issues related to your accident arise later down the road.
Second, insurance companies will try to resolve personal injury cases quickly by providing a low settlement offer. If you disagree with any portion of their offer, you should not sign a release form. The best way to ensure you get the compensation amount you deserve is to work with an experienced personal injury attorney.
Now you know more about personal injury settlement release forms. Have you been contacted by an insurance company with a settlement offer? Speak to one of our personal injury lawyers today to discuss their offer and your options today.