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1997 auto accident

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gheemah

Guest
I was involved in an accident in 1997 in New York. I ended up with a ruptured lumbar disc which required surgery. The insurance company refused settlement, because they said my injuries were not serious or permanant. After hiring an attorney who was licensed in New York, they offered 11,000. The insured only had 25,000 insurance. We told the insurance company we would carry the insured to court and sue for 500,000. Now the insurance company is offering the full policy amount. My question is, if I accept the policy limit, can I still go after the insured for the balance? I also have problems with my cervical spine, and have not worked since the accident. My profession requires long hours on my feet and bending which I can't do because of my back. My medical bills will take away most of the money from the insurance company which will leave me close to nothing again. Any help you can give me would be deeply appreciated.
 


I AM ALWAYS LIABLE

Senior Member
<BLOCKQUOTE><font size="1" face="Arial, Helvetica, Verdana">quote:</font><HR>Originally posted by gheemah:
I was involved in an accident in 1997 in New York. I ended up with a ruptured lumbar disc which required surgery. The insurance company refused settlement, because they said my injuries were not serious or permanant. After hiring an attorney who was licensed in New York, they offered 11,000. The insured only had 25,000 insurance. We told the insurance company we would carry the insured to court and sue for 500,000. Now the insurance company is offering the full policy amount. My question is, if I accept the policy limit, can I still go after the insured for the balance? I also have problems with my cervical spine, and have not worked since the accident. My profession requires long hours on my feet and bending which I can't do because of my back. My medical bills will take away most of the money from the insurance company which will leave me close to nothing again. Any help you can give me would be deeply appreciated.<HR></BLOCKQUOTE>


My response:

Once you accept the policy limits to settle, in order to get the money, you'll have to sign a Release which absolves the defendant and the insurance company from any further liability toward you. Your best plan of attack is to remain in the litigation process, and roll the dice in trial, hoping to get a judgment greater than the policy limits. The insurance company will then pay you the policy limits, and the insured defendant will remain on the hook to you for any amount above the policy. Oops !! You've just spent 2 more years in the litigation process, and you find out the defendant has filed for Bankruptcy. Game over.

IAAL


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