Personal injury mediation is often a viable option for those in need of significant compensation. Insurance providers frequently offer low settlements initially, leading to protracted negotiations or sometimes even lawsuits.
Mediation can be beneficial to both parties involved in a personal injury claim. Successful mediation can be more cost-effective than court and can lead to a faster resolution. The party making the claim to request compensation needs to prepare carefully with their lawyer before attending personal injury mediation. Making an effort to maximize the amount of compensation sought can lead to a more favorable position during mediation sessions.
How people can maximize compensation requests
The average insurance company would prefer to settle a large claim for far less than the maximum amount available based on policy limits. Those filing a personal injury lawsuit or insurance claim usually need the maximum amount of compensation possible because of property damage losses, medical expenses and lost wages.
Trying to look at the big picture can help someone better establish the long-term economic impact that their injury could have. The impact on current earning potential is important, but so is the possibility of decreased future income because of functional limitations. People may lose out on valuable employment benefits and advancement opportunities that could be worth tens of thousands of dollars.
Functional limitation may also mean that people have decreased ability to help around their homes. Unpaid home services can be worth tens of thousands of dollars annually. Discussing the impact and injury has had on someone’s life with a personal injury lawyer may help them better estimate the long-term financial losses that they may experience.
Why larger claims are useful
The goal of mediation is an agreement between the parties. If the process is successful, they can sign a binding agreement which can keep the case out of court. The mediation process typically involves a degree of compromise. Each party may need to make certain concessions to reach a viable solution. Additionally, the more evidence someone has supporting their position in mediation, the easier it is for them to push for a favorable resolution.
When someone can clearly show the extent of the financial losses they have experienced and may experience in the future, the ultimate figure set in mediation could potentially be higher. Starting with a larger amount of compensation sought can allow for compromise while putting someone in a better position for the final settlement. Given all that is at stake, personal injury mediation is not something that people should enter into without proper preparation and support. Taking the time to estimate long-term financial losses may benefit those preparing for mediation in this context.