Once you settle your claim for the injuries you suffered with the truck driver’s and trucking company’s insurance company, they will require you to sign a Release of All Claims form before sending you your payment. You must consider the ramifications of what you are agreeing to before you sign it. Here are important considerations you need to know about.
What Is a Release?
A Release of All Claims form is a legal document where the victim agrees to give up certain rights in exchange for the compensation being paid by the insurance company. The purpose of the release is to completely resolve the disputes between the truck accident victim and the insurance company.
The Release of All Claims Form is probably the most important legal document you will sign in your case against the trucker and trucking company.
What You Should Consider Before Signing a Release
- Get permission from your auto insurance company. You may need permission from your insurance company to sign the release if they paid for the costs to repair your vehicle, medical expenses, or a claim under your underinsured auto insurance coverage. They may have subrogation rights, which gives them the right to be reimbursed for what they paid you from your settlement.
- Understand the release. You must understand the release and be certain it contains all the terms of your settlement, such as the payment amount and when it will be paid before you sign it.
- Be sure it covers all your injuries. You are entitled to be compensated for your past and future medical expenses, lost wages, and pain and suffering from the insurance company. If you have not fully recovered from your injuries, you need to be certain you are receiving any future damages in the payment.
- Have it reviewed by a lawyer. You should never sign a release or other legal document without having it first reviewed by a skilled truck accident attorney. They will be certain that the document accurately states the terms of your settlement and that your rights are protected.
- Understand the release is a final settlement. Your release will state that it is a final settlement of your claim with the insurance company. Once you sign it, you cannot reopen your claim or file a lawsuit if you realize your injuries are more severe and long-term than you thought when you signed the document.
Did you suffer injuries in a truck accident that was not your fault? Is the insurance company offering you a settlement? If your collision occurred in the Virginia Beach or Norfolk areas, our experienced truck accident lawyers are here to help you obtain all the compensation you deserve for your injuries. Schedule a free consultation to learn more about how we can assist you by calling us at 877-960-3441 or filling out our online form.