Posted: Sat Sep 13, 2008 6:57 pm Post subject: State Farm release form for compensation settlement
I was in a car accident last Sept. of 07 and am just now getting a settlement offer from the other driver's insurance. However, I am worried about the wording on the release form, it states: This release expressly reserves all rights of the parties released to pursue their legal remedies, if any, against the undersigned, their heirs, executors, agents and assigns.
Since I am the undersigned, I am worried they will try to sue me for compensation for their injuries when they caused the accident.
PLEASE HELP, I'M DESPERATE!
Thanks
That may be out of context but as I read it, it's simply stating that the insurance company is not giving up any right that may have to purse a claim against you. They have that right anyway and there is no reason why them agreeing to pay you for your loss should negate any right of recovery they have (be it none or otherwise). _________________ Register Now to have your Insurance queries solved.
What I understand form your post is that StateFarm requires you to sign the release from all liability form to abstain you from pursuing its client for the losses caused by him. It states that you are accepting the claim amount and, henceforth, will not demand any compensation from the responsible party.
Hi Christa, I can understand your anxiety, but just calm down, its very unlikely that the insurance company will come after your assets in the future for the damages. However, if it happens you need to keep the followings in mind,
You need to inform your insurer regarding the lawsuit, and need to follow their instructions. The insurance company is required to help you through the hearing.
Always make record of all the communication that you have with the plaintiff and his attorney.
Don't solicit any discussion with the claimant or his attorney during or before the court hearing. This may cause serious harm to your defense.
When you are settling the claim make sure that your insurance company obtains the release from all liability form signed by the other party. This will omit your chances of being sued by the claimant's insurance company or the claimant.
Also, if you don't possess any asset to protect against a bankruptcy action, you have no reason to worry about losing it.
expressly reserves all rights of the parties released to pursue their legal remedies, if any, against the undersigned, their heirs, executors, agents and assigns.
The "parties released" are not the insurance company (usually unless it's a UM claim) the party released is 'their' insured...this is standard wording...if they considered their insured 100% at fault then you have zero to worry about...if concerned have your insurance company look at the release or an attorney...if there is no comparative negligence on your part and you have insurance yourself (auto) then no sweat...I'd sign it and never worry about it again.... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Mon Sep 15, 2008 7:10 pm Post subject: Thanks to everyone
Thank you to everyone for their helpful advice. I have been doing some other searching and it seems this is standard language. I have signed and am going forward.
I really appreciate everyone who took the time to give me the help. _________________ Register Now to have your Insurance queries solved.
