Once you settle your premises liability claim, you will be anxious to get your settlement check and move on with your life. Unfortunately, you will not receive your payment immediately. Here’s what you need to know about the steps you will need to complete before you can get your check.
How Long Will It Take to Get Your Settlement Check?
It will take approximately four to six weeks to receive your money from the insurance company. It could take slightly longer if the insurance company tries to delay paying you or the steps in finalizing your settlement take longer to complete.
What Steps Must Be Completed Before You Receive Your Settlement Check?
You will need to complete a number of steps after you reach a settlement with the insurance company. They include:
- Signing a release. You will need to sign a release of all claims form where you agree that this is a final settlement of your claim. It could take a few weeks for the insurance company to draft this agreement and your premises liability attorney to review it.
- Issuing a check. The insurance company will issue your check after they receive your signed release. Depending on their procedures, it could take them a week or two to send your check.
- Depositing your check. Your check will be sent to your lawyer. They will deposit it in a client trust account.
- Paying liens. If you have any liens on the settlement, such as a medical lien, your attorney will pay these out of your settlement proceeds. They may negotiate settlements to reduce what you owe first. While this can take time, it can be highly beneficial to you.
- Deducting attorney fees. Your lawyer will deduct the attorney fees and litigation costs you owe them next.
- Issuing your check. Once all of these steps are completed, your attorney will send you your check. This completes the settlement of your claim.
Were you or a loved one injured in a premises liability accident in the Virginia Beach or Norfolk areas? Our experienced premises liability lawyers are here to explain your options and go up against the insurance company for the compensation you deserve for your injuries. Call our Norfolk office at 877-960-3441 or contact us online to schedule a free, no-obligation initial consultation today.