Most men and women that file a claim with the Insurance Commission of British Columbia (ICBC) hope to have their claim settled in a short amount of time. Yet those same men and women want to receive a fair compensation for the damages suffered. Sometimes a lawyer has to step in, in order to prevent acceptance of ICBC’s initial offer.
Why do lawyers caution against such an acceptance?
A claimant/client might not feel certain that he or she has recovered fully from a given injury. It makes no sense to settle a claim, when a victim might have to invest more money in the treatment of a given injury. After both parties have agreed to a settlement’s terms, neither party can seek more money, for any further medical problems.
ICBC has a set goal in mind, when making that initial offer. That goal relates to ICBC’s intentions. It intends to start with a low offer and then raise it slowly. That approach pushes the opposing side to lower its demand. By keeping that goal and approach in mind, someone that has filed a claim should feel reluctant to accept ICBC’s first offer.
ICBC has a firm understanding of the complexities associated with personal injury disputes. For that reason, it feels comfortable about giving a bit of ground, regarding the size of the offer made to the claimant. Yet the claimant may not share that feeling; an accident victim might feel confused, regarding when or why any of ICBC’s offers have been raised to a limited extent. Sometimes such confusion leads to the acceptance of a low settlement figure.
While ICBC has a good understanding of the insurance and the negotiating process, it seldom knows a great deal about the specifics, regarding any particular case. The person that filed the claim knows more about that case then the men and women in the Commission’s offices. A Personal Injury Lawyer in Moncton has awareness of that fact accounts for that professional’s reluctance to agree to an early settlement with ICBC.
The Insurance Commission of British Columbia must offer support to both plaintiffs and defendants. If it provides too much support to any plaintiff, it increases the chances that a given defendant might get hit with a large charge. Consequently, it seeks to avoid that unwanted possibility.
If a defendant loses a case, the money owed the plaintiff comes directly from ICBC’s treasury. Yet without pleased defendants and plaintiffs, there will be only a limited amount of funds in that same treasury. That simple fact underscores the reason that it does not pay to go along with any settlement figure that ICBC proposes, at least not until those particular figures start to get a bit larger.