An insurance claim is a formal request made by a policyholder to an insurance company seeking financial compensation for covered losses or damages incurred under the terms of the insurance policy.
Filing a claim or even multiple claims to reach a mutually-agreed settlement can often be a daunting and drawn-out process, and navigating the complexities of insurance law can be even more challenging – with extensive paperwork, negotiations and delays all par for the course.
But you don’t have to go it alone – and often, it can pay to contract an insurance solicitor to represent you.
In the following article, we will be taking a look at how insurance lawyers can speed up the process for your claim settlement.
To learn more about how our insurance law services work and how our team can help you, read through our insurance page.
Understanding the role of insurance solicitors
Insurance solicitors are legal professionals specialising in insurance law and are experts in insurance policies, claim procedures and settlements.
Their primary role is to provide expert advice and legal support, as well as advocate for their clients (known as claimants during the insurance process), ensuring that their rights are protected and that they are able to receive the compensation that they are entitled to.
When it comes to insurance claim settlements, insurance companies can often become unresponsive or slow to process – but having an insurance solicitor on your side can have a significant impact.
These skilled professionals know how to navigate the company’s bureaucracy and expedite the settlement process by using their experience, their legal acumen and their negotiation skills.
How long does it take to negotiate a legal settlement?
The timeline for negotiating a legal settlement can vary significantly based on the complexity of the case and the willingness of the involved parties to reach a mutually-agreed resolution.
In some instances, negotiations can conclude relatively quickly – within a matter of weeks or months.
However, in more intricate cases, they can take several months or even years to resolve, with the following factors all influencing the negotiation duration:
- The extent of damages
- The availability of evidence
- The number of parties involved
- The intricacy of applicable insurance policies or laws
Why do lawsuit settlements take so long?
Within any lawsuit settlement, there are a lot of moving parts to consider, which will impact the duration.
Firstly, the legal process itself can be time-consuming, involving extensive paperwork, court appearances and negotiations between parties. Additionally, the sheer volume of cases in the legal system can lead to delays in scheduling hearings and trials.
The complexities of the case and the willingness of the involved parties to cooperate can also impact the settlement timeline. In some instances, insurance companies might employ stalling tactics to wear down claimants, leading to prolonged negotiations.
Engaging insurance solicitors who are experienced in handling such tactics can expedite the settlement process by advocating on the claimants’ behalf assertively and strategically and ensuring the insurance company complies with deadlines and legal procedures.
How do I counter-offer an insurance settlement?
Counter-offering a proposed insurance settlement is a critical aspect of a claim, should you and your lawyer believe negotiation to be required.
When an initial settlement offer is received from the insurance company, claimants have the right to challenge it if they believe it is inadequate to cover their losses.
Insurance solicitors play a key role in this phase by carefully analysing the offer and assessing its fairness based on the facts and evidence of the case before formulating a well-reasoned counteroffer. This counter-offer will highlight the merits of the claim and provide supporting evidence as to why this initial offer isn’t satisfactory.
Through skilful negotiation, solicitors can effectively counter the insurance company’s offer and push for a higher and more fair settlement – and this back-and-forth process may continue until both parties arrive at a mutually acceptable resolution that adequately compensates the home insurer and the claimant for their damages.
How is the money distributed when settling a claim?
When a claim reaches a settlement, the distribution of funds depends on various factors, such as the type of claim and the specific circumstances of the case.
If it’s a personal injury claim, the settlement amount paid out, otherwise known as financial lines, typically covers medical expenses, lost wages, pain and suffering, and any other relevant damages. The distribution might involve direct payments to medical providers, the claimant or both.
The distribution process for commercial claims can be more complex than personal insurance claims due to the involvement of multiple parties, higher values, and diverse types of damages.
Insurance solicitors can guide claimants through this process, ensuring that the settlement agreement accurately outlines how the funds will be distributed.
Conclusion
When dealing with an insurance claim, seeking the assistance of insurance solicitors is a wise decision that can significantly expedite the settlement process – and potentially result in a higher settlement payout.
Their expertise in insurance law, negotiation skills, and ability to handle disputes can make all the difference in securing a fair and timely settlement.
McMahons Lawyers: Award-winning Insurance Claims Lawyers in Sydney
If your personal injury claim insurance company is stalling, or you want to challenge a commercial settlement proposal, our team of expert insurance solicitors are here to help make sure you are properly insured and taken care of.
We’re here to guide you through the insurance law process, to collate evidence to strengthen your case and to negotiate with your insurance company, seeking a fair settlement as quickly as possible.
To speak to one of our insurance claims lawyers today, get in touch
