Before we go any further, let’s define “settlement.” A settlement is an agreement between a plaintiff (the person bringing a lawsuit) and the defendant (the person being sued) to end pending litigation voluntarily. The plaintiff gives up their right to sue over the underlying matter in exchange for certain concessions from the defendant—in the case of semi-accident cases, generally a specific amount of money.
Settling is often preferable to continuing a lawsuit for several reasons. First, commercial truck accident settlements avoid the time, expense, and uncertainty of a trial. A defendant who settles out of court tends to save money over one who loses at trial. At the same time, a plaintiff who settles out of court gets a guaranteed amount of money in a timely fashion. Lawsuits can drag on for months or even years, all while expenses continue to pile up. Furthermore, the actual details of a settlement remain confidential and often include language denying any fault – both of which are appealing to large corporate defendants. These and other benefits are why over 80 percent of all lawsuits settle out of court, according to The New York Times.
Florida truck accident settlements usually start with a proper valuation of the plaintiff’s claim. This includes totaling their tangible or economic losses and valuing the plaintiff’s non-economic losses, like emotional trauma and pain from their injuries. Your lawyer will probably send the at-fault party (usually the trucker, although in semi-accident cases, there could be multiple defendants) a Demand Letter stating the extent of your losses, the defendant’s liability, and a proposed settlement amount.
It’s rare for the defendant’s insurance company to pay the demanded amount off the bat, especially if it’s six figures or more. Instead, your 18-wheeler accident lawyer and the defense will probably negotiate back and forth. Sometimes, it’s just a question of coming to an amount agreeable to both sides. Other times, the defendant’s insurance company may question their client’s liability, which may mean you need more proof for your claim.
Negotiations may go back and forth, even up until the trial starts.
