Evaluation and settlement of liability claims
A video explaining evaluation and settlement
See the full video at https://youtu.be/OV06h8SdKIU and at https://www.rumble.com/zalma
for efficient operation of a third party liability department.
The evaluation should be completed as soon as reasonably practical after the completion of the thorough investigation. A quick settlement and payment of the claim will result in a lower amount with the contractor and lower costs that the insurer incurs.
It should be the goal of every claimant to pay the deserving creditor every dollar owed as soon as possible. This objective should be mitigated by the need to preserve the assets of the insurer and the insured. It is axiomatic that a claim for damages can be settled for less before the action is brought than after.
Settlement benefits from the law and from insurers, creditors and insured persons. Every effort should be made to resolve the claim before disputes begin.
The adjuster must learn to quantify these damages in order to reasonably be able to evaluate the exposure that the insured and at the same time the insurer is facing. Sources that can help quantify this type of subjective damage include:
- jury assessments (publishers give the adjuster the historical and current values that juries place on the same type of damage in the same jurisdiction);
- the insurance company's records of the amounts paid to settle similar claims in the same jurisdiction;
- the individual adjuster's experience: his or her knowledge of the amounts needed to settle claims in his or her place; and
- the experience of the mediator or conciliation conference judge.
Every liability claim adjuster, defense attorney, and plaintiffs' attorney must understand how to assess a third party claim for bodily injury or property damage or both are critical to the resolution of such claims and disputes. This video will help the professional work to achieve a thorough evaluation and quick resolution of liability claims.
© 2021 – Barry Zalma
Barry Zalma, Esq., CFE, now limits his practice to employment as a specialist insurance consultant in insurance coverage, insurance claims management, bad faith insurance and insurance fraud almost as much for insurers and policyholders.
He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance and claims management attorney and more than 54 years in the insurance industry.
He is available at http://www.zalma.com and email@example.com. Mr. Zalma is the first recipient of the first annual Claims Magazine / ACE Legend Award. For the past 53 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to enable insurers and their indemnity staff to become insurance professionals.
Go to the podcast Zalma On Insurance at https://anchor.fm/barry-zalma; Follow Mr. Zalma on Twitter at https://twitter.com/bzalma ; Go to Barry Zalma videos at https://www.rumble.com/zalma; Go to Barry Zalma on YouTube- https://www.youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg; Go to Insurance Claims Library-https: //zalma.com/blog/insurance-claims-library/ T the last two issues of ZIFL are available at https://zalma.com/zalmas-insurance-fraud- letter -2 / podcast now available at https://podcasts.apple.com/us/podcast/zalma-on-insurance/id1509583809?uo=4