The at-fault party’s insurer may quickly offer you a settlement to resolve your catastrophic injury claim as soon as possible. In the form of a letter, they will send instructions to sign and return a release of liability to be sent a check. Although it will be tempting to accept the quick cash, it is vital to wait on signing any paperwork until you consult an attorney. The initial settlement offer will typically be much lower than your claim’s actual value. If you sign the form to receive a settlement, you give up your right to sue the at-fault party and pursue any further compensation.
Catastrophic injuries are devastating both physically and financially. As a result, it is critical to wait on settling until you recover or reach maximum medical improvement (MMI). That way, you will have a better understanding of the full extent of your injury and future losses. Otherwise, you can end up with much less than you need to remain financially stable while you recover.