If you’ve ever been injured in an accident, slip and fall, or similar incident, you can receive payments from the responsible party’s insurance companies in two ways – settlement or award. A settlement occurs when both parties decide on an amount voluntarily. However, if a catastrophic injury case goes to trial and the plaintiff wins, the insurance company and defendant must pay an award to cover all economic and non-economic damages.
In this post, we’ll share the key differences between a catastrophic injury settlement and a court award. With this information, you can make a more informed decision when filing an injury claim and hiring a Nevada catastrophic injury lawyer.
Catastrophic Injury Settlement vs. Court Reward – Key Differences
1. Compensation Amount
As mentioned above, both parties mutually agree upon a compensation amount when opting for a settlement. However, only an experienced personal injury lawyer can help you reach a decent settlement and stop the case from going to trial. If the amount offered isn’t enough, you can proceed to trial for a higher award.
Trials are much more difficult to navigate than settlements. Most settlement processes typically include the opposing parties and their lawyers, who negotiate compensation. Conversely, trials are physically and emotionally damaging as they usually involve putting your friends, family members, and other peers on the stand to be attacked by the opposing counsel.
Plus, even the smallest of trials can be expensive to litigate. Hence, receiving a higher compensation might not always be in your interest if the legal charges exceed the court award.
3. Case Duration
Case timing is another key difference between a catastrophic injury settlement and a court award. You can reach a settlement at any time following your accident. However, you should wait until the end of your medical treatment and recovery period. Awards, in contrast, usually take longer since the case must be litigated in court before you can receive an award.
According to statistics, plaintiffs typically wait up to 18 months before submitting their case for a trial. So, a settlement is usually the preferred option for most parties as long as the amount offered is fair.
Contact a Nevada Catastrophic Injury Lawyer Right Away!
The Bourassa Law Group is at your service to help you recover maximum compensation for your catastrophic injuries. While we strive to reach a fair settlement, we don’t shy away from trials and are willing to go all the way to ensure you get the amount you deserve to cover all economic and non-economic damages.
Feel free to consult with one of our experienced Nevada catastrophic injury lawyers at 800-870-8910 and discuss your case in detail.
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