How to Negotiate a Settlement of a Third Party Liability Claim

How to Negotiate a Settlement
After the adjuster determines that coverage exists, that the insured is probably liable for causing bodily injury or property damage to a third person, the adjuster must negotiate a settlement with the claimant or his or her attorney.
Just like the plaintiff’s attorney in a personal injury case, the insurance adjuster will investigate the claim – the facts of the accident and the plaintiff’s damages.
A very skillful and well-prepared insurance adjuster will often know more about the accident and about the plaintiff’s background than the plaintiff’s lawyer does.
The adjuster prepares for making an offer by first getting the insured’s story of the accident. This is obtained by completing a thorough recorded statement.
The adjuster will then investigate the plaintiff or claimant. The investigation can be as simple as reviewing claims databases compiled by the National Insurance Crime Bureau (NICB) or the Insurance Services Office (ISO) all claims data base that allow adjusters to determine whether the plaintiff has ever filed a personal injury claim before. The thorough adjuster will also search Google, Bing, Ask, Twitter, Facebook and LinkedIn to learn as much as possible about the plaintiff.
Determination of Settlement Value
Once the adjuster has all the claimant’s or plaintiff’s medical records and bills and all of the other information that he/she needs to value the case, he/she will, based on experience, knowledge of the local jurisdiction, and experience and knowledge of local jury verdicts for the same type of accident and injury.
There is no perfect method of valuing and negotiating a personal injury claim or suit. Each must be dealt with individually and the adjuster must be flexible enough to obtain a settlement that is agreeable to the insured, the plaintiff or claimant, and the lawyer representing the plaintiff or claimant.
Negotiating a final settlement is a little like bargaining to buy something at an outdoor market where haggling is commonplace. The adjuster and the claimant, plaintiff or plaintiff’s attorney both know roughly how much the damages claim is worth. The adjuster knows the most he or she is willing to pay and the claimant, plaintiff or lawyer, know the least amount they are willing to take to settle.

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