When you and the negligent property or business owner’s insurance company agree on the amount of compensation you will receive for your injuries in your premises liability accident, you will need to go through a few more steps before you get your check. One important document you will need to sign is a release of all claims form.
What Is a Release of All Claims Form?
A release of all claims form is a document prepared by the insurance company that absolves the parties of liability after a premises liability accident. When you sign the document, you are dismissing your claim and agreeing that you cannot file a claim for your injuries in the future. The negligent party’s insurance company will require you to sign this legal document before they will release the settlement proceeds to you.
What Information Is Contained in a Release of All Claims Form?
While every insurance company will use their own release of claims form, there is some common information in most of them. The release of claims form you will be asked to sign will most likely include the following:
- Details of your premises liability accident
- Your claim for your injuries and any property damages
- Identification of the parties to the settlement
- Amount of money you are receiving
- What law governs
In addition, you are waiving important legal rights in the release of claims form in exchange for the settlement proceeds that the insurance company will pay you. You are releasing the insurance company and the negligent party from:
- Obligation to pay. By signing the release, you are giving up the right to receive future damages for your injuries. If you later discovered your injuries were more serious than you thought, you would not be able to reopen your claim to obtain more money.
- Right to file a lawsuit. You are also waiving your right to file a lawsuit against the negligent property owner or business responsible for your accident.
- Non-admission of fault. The release of claims forms will provide that no party is agreeing that they are liable for your injuries. You are releasing them from liability by signing the document.
You should never agree to a settlement or to sign a release of all claims form or other document from the insurance company without first consulting with an experienced premises liability attorney.
If you were injured in a premises liability accident, we’re here to help. Call our office or fill out our convenient contact form to schedule your free consultation today.