Rescue Your Revenue
Signing a Release Following an Accident
Recently, two separate unfortunate cases crossed my desk. Sadly, even though each person had legitimate compensation claims based on downtime losses, a release agreement—signed without proper scrutiny—had inadvertently stripped away their rights to seek restitution.
Before signing any document, it’s extremely important to read it thoroughly. Look for fine print on the front and back of all pages.
Keep in mind these three things when settling an insurance claim and signing a release.
1. A RELEASE TOUTED TO BE A PROPERTY DAMAGE RELEASE MAY COVER MORE THAN REPAIRS.
The term Property Damage encompasses far more than just the physical damage of your truck. It includes additional non-medical costs due to the accident, such as towing fees, rental fees, diminished value, loss of use and more. If any hidden damage is found after signing the release, you may not receive financial compensation for additional expenses.
Insurance adjusters may attempt to exploit individuals who are unaware of the insurance company's definition of property damage. Adjusters understand the influence of a property damage release and how it absolves them of any further liability. By familiarizing yourself with the comprehensive list of expenses associated with property damage, you can better protect your rights and ensure that you receive the full extent of compensation that you deserve.
2. BEWARE OF GENERAL RELEASES!
If you experience physical harm or incur medical expenses due to the actions of another, it is wise to speak with a qualified legal adviser before signing any documents related to a potential settlement. General releases are typically designed to cover both property damage and personal injuries, so consulting with an attorney will help ensure that your rights and interests are fully protected.
3. SIGNING A CHECK MAY CONSTITUTE A RELEASE IN SOME CASES.
Before cashing a check, it is essential to thoroughly inspect both the front and back of it, as well as the stub and any accompanying letters. Make note of any release language present on the check, for agreeing to such terms may relinquish your right to pursue claims involving any additional losses. For this reason, approach these decisions with due caution—read all text carefully and seek counsel from experienced legal professionals.
In summary, always think carefully before signing documents related to an insurance claim.
If our firm is handling your claim, our attorneys will review any and all releases related to property damage, including general releases.
For a video on the same topic, see Think Twice Before Signing a Release.
The information provided on this site is general in nature and is not legal advice.
For more information, visit DowntimeClaims.com