A Video Explaining Evaluation & Settlement
The evaluation should be completed as soon as reasonably practical after the completion of a thorough investigation. A quick resolution and payment of the claim will result in a lower amount of settlement with the claimant and lower expenses incurred by the insurer.
It should be the goal of every claims adjuster to pay the deserving claimant every dollar owed as soon as possible. This goal should be tempered by the need to preserve the assets of the insurer and the insured. It is axiomatic that a liability claim can be settled for less before suit is filed than after.
Settlement is favored by the law, and by insurers, claimants, and insureds. Every effort should be made to resolve the claim before litigation begins.
The adjuster must learn to quantify these damages in order to reasonably evaluate the exposure faced by the insured and, simultaneously, the insurer. Sources to help quantify this type of subjective damages include:
- jury verdict research (publishers provide the adjuster with the historical and current values juries put on the same type of injury in the same jurisdiction);
- the records of the insurer on the amounts paid to settle similar claims in the same jurisdiction;
- the experience of the individual adjuster: his or her knowledge of the amounts needed to settle claims in his or her location; and
- the experience of the mediator or settlement conference judge.
Every liability claims adjuster, defense lawyer and plaintiffs’ lawyer must understand how to evaluate a third party liability claim for bodily injuries or property damage or both is essential to the resolution of such claims and litigation. This video will help the professional to work to reach the careful evaluation and prompt resolution of liability claims.
© 2021 – Barry Zalma
Barry Zalma, Esq., CFE, now limits his practice to service as an insurance consultant specializing in insurance coverage, insurance claims handling, insurance bad faith and insurance fraud almost equally for insurers and policyholders.
He also serves as an arbitrator or mediator for insurance related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims handling lawyer and more than 54 years in the insurance business.
He is available at http://www.zalma.com and firstname.lastname@example.org. Mr. Zalma is the first recipient of the first annual Claims Magazine/ACE Legend Award. Over the last 53 years Barry Zalma has dedicated his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to make it possible for insurers and their claims staff to become insurance claims professionals.
Go to the podcast Zalma On Insurance at https://anchor.fm/barry-zalma; Follow Mr. Zalma on Twitter at https://twitter.com/bzalma; Go to Barry Zalma videos at https://www.rumble.com/zalma ; Go to Barry Zalma on YouTube- https://www.youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg; Go to the Insurance Claims Library – https://zalma.com/blog/insurance-claims-library/ The last two issues of ZIFL are available at https://zalma.com/zalmas-insurance-fraud-letter-2/ podcast now available at https://podcasts.apple.com/us/podcast/zalma-on-insurance/id1509583809?uo=4