Over 80 Combined Years Of Maritime Law Experience

When do you know it’s time to settle your case?

On Behalf of | Oct 7, 2022 | Maritime Claims, Maritime Law

If you’ve been injured at sea, you’ve got a lot to deal with. The physical pain and suffering that’s been thrust upon you may be more than you can bear, and the emotional toll can be overwhelming. Making matters worse is the fact that the financial losses that you’re facing can be devastating, perhaps even ruinous. All of that together may leave you feeling like the future is bleak.

That’s why a lot of people who have been injured in an accident at sea are quick to take a settlement offer made by an insurance company. Sure, one of these settlements might give you a quick infusion of cash to help offset your losses, but the truth of the matter is that these offers are often far less than what victims deserve. So, should you accept a settlement offer in your case? It depends on a number of factors.

Analyzing your settlement offer

Before you accept or decline a settlement offer, you need to analyze a number of factors in your case. This includes each of the following:

  • The value of your claim: Before you can figure out if an offer is right for you, you need to understand what all of the damages are. This might include your medical expenses, your lost wages, pain and suffering and maintenance and cure. Only after you have a number in mind for what your damages are will you be able to gauge the appropriateness of a settlement offer.
  • The evidence in support of and against your claim: Of course, the insurance company is going to try to argue that the evidence supporting your claim is questionable, which will cause it to offer you a lower amount. But don’t buy into what they’re saying. Conduct your own analysis of the evidence to determine your likelihood of success if your case were to be litigated. Then, you can conduct a risk analysis to determine if you should litigate your case or settle it.
  • How quickly you need relief: Litigating your case can take time, and it might be hard to find a way to make ends meet while you wait for your claim to play out. If you’re willing to deal with those struggles, you might be better positioned to hold out while you litigate your case, which may lead to a larger recovery. If you need money fast, though, settlement might be best for you.
  • How much stress you’re willing to deal with: Facing legal issues is stressful. A lot of people simply want to close such a complex chapter of their life, which means settling their case quickly. But if the stress of having pending litigation doesn’t bother you, you won’t be worried about waiting for your case to play out in court.

Make the legal decisions that are right for you

In the aftermath of your accident, you need compensation to recoup your losses. But you might have to fight for what you deserve. That’s why it may be beneficial for you to work closely with a legal professional who is experienced in this area of the law. Hopefully, you can recover the financial resources that you need to secure needed medical treatment and retain financial stability. If you’re worried about what the process will look like,  we encourage you to discuss it with an attorney who is well versed in handling these kinds of cases.