What Is My Claim Worth?
The first question claimants and their families ask attorneys and adjusters when they are ready to settle their claim is “what is my claim worth”? There are many factors to consider while calculating the value of a claim. Are you prepared to answer that question?
Whether you are an individual, family member, attorney, claim adjuster or risk management executive, it is important to understand the value of your claim(s) or expected claim(s). The art and science of claim valuation has improved over the years, to the point now where each claim can be measured soon after the occurrence.
Some of the basic concepts of claim valuation have remained constant throughout the past several decades. Terms such as “special” and “general” damages are meaningful to the adjuster and attorney, and are “Greek” to the average person and their family. In our series about “What Is Your Claim Worth”, we try to highlight the key concepts to enable a process of faster resolution and settlement of claims.
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