Legal Question in Personal Injury in New York
Most recently, I was in a four vehicle incident and suffered major serious injuries which resulted in me have surgery on my upper spine. (Three upper disket were cracked and had to be removed and replaced with a metal plate).
Months prior to the my surgery, I suffered extreme pain and a picthed nerve. Two Neurologicial Dr.'s both confirmed that the result of my serious injuries were from a direct result of the incident that I had in.
Subsequently, a suit was filed on my behalf which name my wife also, due to her becoming a caretaker to me due to inability to function. However, months thereafter, the insurance company came forth and wanted to exercise their policy which is for $100.000 dollars which would have to be indivded among four people.
"Due to this I am told that I should agree to settle became my cause of action in court would warrant me no more than the coverage of the policy which I was later informed was untrue. Noteworthly, In the agreement to be signed from the insurance company, part of the agreement is that by accepting such an offer, I would not pursue any further action in court.
So my question is that by proceeding with this matter to court, am I limited to damages of only the amount offered by the policy. And if so, then why would the innsurance company want me to sign an agreement not to file any action in court. Please answer ASP because I have to reach a decision by tommorow.
4 Answers from Attorneys
With such serious and debilitating injuries I would not agree to settle my case before getting a full and informed opinion from my own attorneys and also an opinion from another attorney chosen by you and not your current attorneys. You need to determine if every possible option has been explored. For example did you have SUM coverage of your own, and if so was it for more than the amount of the $100,000 policy available to compensate you for your injuries, and if so was a timely notice of a SUM claim sent to your own insurance company? Is it possible that their are other policies or entities available to compensate you for your injuries and if so were they sued within the applicable statute of limitations period? Does the entity with the $100,000 policy have other assets that could be pursued above and beyond the available policy limits. Does the insurancwe company have an agreement with its policy holder to indemnify him in the event of an excess judgment?
If having had all of these questions ANSWERED you are satisfied that every possible avenue has been explored, and that no other possibility for a recovery exists, then you should carefully consider the settlement itself. If you settle for your share of the $100,000 how much will you actually get? Are there liens for medical providers, Social Security, Socal Services, or other entities? What are the total expenses to be charged to you by your attorneys? Are the other people injured in this accident as badly injured as you are and if so what share are each of them receiving?
Finally having all of the facts in hand, if you think that you are better off taking the bird in hand, secured for you by the efforts of your current attorneys, then settle. A little compensation is usually better than none.
I would only add that if the policy is 100/300 and your injuries are the most serious, then YOUR settlement should be $100k and let the other three parties divide up the remaineder of the policy as justified. You are not all limited to share $100k.
There are many ways to deal with your dilemma. An alternative may be to submit all claims to mediaton or preferrably arbitration to determine an equitable outcome. The foregoing can only be accomplished if all parties agree to arbitration. There are many unanswered questions and your case may require extreme tact and coordination amongst and between the participating attorneys and the insurance company to reach an equitable result. Furthermore, the injuries of other parties to the action need also be taken into consideration in reaching a favorable and equitable result for all. In essence, your attorney may wish to be more inventive and initiate an alternative solution.
This is something you should discuss at length with your attorney. If the defendant has assets of value, you may wish to pursue the litigation and someday try and execute a judgment in excess of the insurance policy limits. You should ask for more time to discuss and decide, and not be pressured. Best, M. E. Zuller
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
