The topic of this video is what is a global settlement in a personal injury case. So if you’ve, if you’ve heard the term global settlement, it is a 99% chance that it arises out of a car accident. So what a global settlement generally means is there really wasn’t enough insurance to pay out all of the claimant’s. So the insurance company is calling together a global meaning everyone settlement conference and then they are going to divvy out the insurance policy. So normally that’s not a great thing for a plaintiff because it means that you are going to most likely receive less than the value of your claim. Now the good news is it does resolve the case pretty quickly. So whatever the policy is, they set it up uh, quickly. The insurance company normally pays for the mediator to come in and, and divvy up the money.
And it does resolve the claim at a, uh, you know, very quickly on, so you know what you’re getting right off the bat. And then you can pursue whatever uninsured motorist claims if you have them on the backend. But the most, the most frequent policy denomination that we see for these car accident cases, unfortunately our 10 20 policies and attend 10 20 it’s 10 20 bodily injury or bi. So what that means is if there’s one claimant, the claimant can receive a maximum of $10,000 if there are two claimants, each claimant can receive a maximum of $10,000 each. But the problem is when there are more than two claimants, and unfortunately this happens time and time again. So again, on a 10 20 policy, there’s only $20,000 to be divvied out. If you have more than two claimants, it doesn’t matter. Three, four, 10 it doesn’t matter.
So what normally happens is when you have multiple claimants, they, the insurance company just simply comes. They say, all right, we have $20,000 or whatever the denomination is. Okay, your case is the most serious. You’re going to get 10,000 your cases less serious, you’re going to get the 6,000 your case is 4,000 whatever the case may be. So that’s how they divvy it up. And they basically take what you can get at that point. If you pass on it and they divvy it out to someone else, you lose. So, uh, like I said, global settlements can be good. If you’re the person getting the full 10,000, they can be bad if you’re, you know, a number much, much lower in line with less severe injuries. So, um, it’s a, it’s a, it’s a catch 22 at these global settlements, but that is a global settlement for a car accident case. And it doesn’t mean that it has to be in litigation. You don’t have to file a lawsuit. If the insurance company determines that that global settlement needs to occur immediately, they’ll set it up immediately. So in any event, hopefully that explains what a global settlement in a car accident claim is and how it works.
*The above has been transcribed by a third party service and has not been checked for accuracy.
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