How Are Personal Injury Settlements Paid Out in North Carolina?
Personal injury settlements are paid out in North Carolina as a way to compensate individuals who have been injured in an accident resulting from the negligence of other parties. These settlements are designed to cover the costs associated with the accident, including medical expenses, lost wages, and pain and suffering. The process of obtaining a settlement can be complex, and it is important to understand how they are paid out in North Carolina.
Obtaining a Settlement in North Carolina
The first step in obtaining a personal injury settlement in North Carolina is to file a claim with the responsible party’s insurance company. This can be done by the injured person or their attorney. The claim should include documentation of the accident, such as police reports, medical records, and witness statements, as well as a detailed explanation of the injuries and damages sustained.
Once the insurance company receives the claim, they will begin their investigation. This may include interviewing the injured person and any witnesses, reviewing medical records, and consulting with experts. Based on their findings, the insurance company will make an initial settlement offer. This offer may be accepted by the injured person, but it is important to keep in mind that it is often lower than the full value of the claim.
If the initial settlement offer is not accepted, the injured person may choose to negotiate with the insurance company. This can be done through their attorney, who will present evidence of the full value of the claim and argue for a higher settlement. This process can take some time and may require mediation or arbitration.
If a settlement is reached, the injured person will receive a lump sum payment. This payment is typically made out to the injured person and their attorney, if they have one. The attorney will then deduct their fees and expenses before distributing the remaining funds to the injured person.
It’s important to note that in North Carolina, there is no cap on noneconomic damages, meaning that a person can recover damages for pain and suffering, emotional distress, loss of enjoyment of life, and other non-economic damages. However, there is a cap on medical malpractice noneconomic damages which is $500,000.
It is also worth mentioning that in some cases, the settlement may be paid out over time through structured settlements. This is a type of settlement where the injured person receives payments over a period of time, rather than in a lump sum. This can be useful for individuals who have long-term injuries or disabilities and need ongoing medical treatment.
Contact a North Carolina Personal Injury Attorney
Again, personal injury settlements in North Carolina are paid out as a way to compensate individuals who have been injured in an accident. The process of obtaining a settlement can be complex, but it typically involves filing a claim with the responsible party’s insurance company, negotiating with the insurance company, and receiving a lump sum payment or structured settlement.
Remember that in North Carolina, there is no cap on noneconomic damages, and in some cases, the settlement may be paid out over time through structured settlements. It’s always recommended to seek legal assistance from a personal injury attorney to guide you through the process and ensure that you receive the full value of your claim. At Brown Moore & Associates, PLLC, our Charlotte personal injury attorneys are on hand to help you navigate this process. Learn more by contacting us online or calling us at 704-335-1500 to discuss your case.