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The basics of settling your claim.

We settle claims on a daily basis and our client's always ask us, when can I expect my money? Most people think that once they agree to a settlement offer, they will get a check within a few days. Unfortunately, that is not the case. Below are the basics of settling your claim.

First, either your attorney or the opposing counsel will have to draft settlement contracts reflecting the terms of the settlement. If these are prepared by the opposing counsel, your attorney should review them, then send them to you for signature.

Second, you need to sign the settlement contracts and send them back to your attorney. If you have any questions about the terms listed in the settlement contracts, call your attorney BEFORE signing the settlement contracts.

Third, your attorney will have to make sure the settlement contracts are now signed by all parties involved (your attorney, the client and the opposing counsel or insurance adjuster). He or she will then need to present them to the Arbitrator on the claim for approval along with some treating medical records.

Fourth, assuming the settlement contracts are approved, your attorney will have to forward the approved contracts to the opposing counsel or insurance adjuster for payment.

Lastly, the insurance adjuster will have to issue a final check. The check will go to your attorney who will then deposit the funds in to his or her client trust account. Once the funds clear, your attorney will be able to issue you a check.

As you can see, settling your claim is a process that takes a little bit of time. We typically tell our clients that they should, but not always, receive their settlement checks about 4-6 weeks after they verbally agree to settling their claim. If you have any questions about the settlement process, fell free to contact our office.

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