A Video Explaining Evaluation & Settlement
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Case evaluation is necessary to the efficient operation of a third party liability claims department.
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.