As per the American public health institute, Centers for Disease Control and Prevention (CDC), around a million natives are injured each year owing to slip and fall accidents. In addition, another 17,000 individuals die because of such accidents. When a person or entity is negligent, a remedy to slip and fall injury victims is given by the law.
The basis of slip and fall claims is typically based upon the tort of negligence. As per tort law, in the event an individual’s negligence causes the victim harm, that person can be obligated to compensate the other party for the damages suffered by him or her. Slip and fall accident cases, especially, are based upon premises liability-related concepts.
The legal term ‘premises liability’ describes the responsibility of certain people for injuries as well as damages to other people that arise from the possession or ownership of a property (or “premises”). It holds property’s owners liable for the “preventable” accidents occurring on their property.
If a victim of a slip and fall accident and the other party decide not to litigate it, then they may get into settlement negotiations. In fact, most slip and fall cases settle, as do other types of negligence claims. The settlement may take place any time during the process, comprising before filing a slip and fall injury lawsuit, while the suit is pending or just before a verdict is given.
Out of Court Settlement
The common perception is that the word ‘settlement’ is for the one negotiated out of court by the parties. However, such a resolution may not always happen “out of the courtroom”. The common process of being awarded such a settlement is for the insurance company of the defendant, the victim and his or her lawyer to be in agreement to a grant. This process may take more time as the involved parties toss monetary settlement offers back and forth. In several slip and fall cases, it is a lump sum meant to compensate the injured person for the degree of their damages.
The insurance company involved in a slip and fall claim is usually interested in settling it for the lowest possible dollar figure. The insurance adjuster professionally represents the interests of the insurer and will try to resolve such claims for a low amount. In a few cases, insurers may attempt to get the injured person to agree to an early settlement figure before the victim obtains an attorney.
When a victim consults with a slip and fall injury attorney, the professional can help explain the degree of their damages. In addition, a personal injury attorney can advise whether an out of court settlement proposal is a fair one. For these reasons, a lot of slip and fall injury victims keep the services of an attorney who can help make sure that they get a fair settlement offer.
A structured settlement is not one that is paid in lump sum, by the party required to do so. Instead, they provide compensation to victims over a specific time period. Usually, structured settlements are paid at the exact amount and interval, like a month or quarterly payment. They may be a negotiated settlement’s outcome wherein the injury victim or defendant feel structured payment would be better in comparison to a lump sum payment. In other cases, these types of settlements are made in accordance with a court order.
Sometimes, it is tough to determine if a single payment or structured settlement is better. This necessitates the injured party to understand the funds’ future value in relation to today’s money. By factoring in inflation and increased living cost, an economist can also help to determine whether this arrangement will give as much compensation to a victim as a single payment would.
These two are the only potential types of slip and fall case settlements. Although, the parties involved in such cases are usually free to get into any form of legal agreement that is settlement-related. Before settling the case, a victim has to be aware of the real extent and impact the slip and fall accident cases will have upon their future life so that the person can assess whether or not settlement proposals are fair.
Some injury victims may get into a negotiation with the other party to come up with fair resolutions to their slip and fall cases upon their own terms. A lawyer can represent the interests of a victim in this process, by explaining both the pros and cons of any settlement offered to them. That is why you should not jump into mediation without the help of an attorney. It is better to retain the services of your slip and fall lawyer who have the experience going toe to toe with insurance companies involved in such cases. An attorney can help you get what you deserve.