Pre-Settlement Funding for Construction Accident Cases: What You Need to Know
Pre-Settlement Funding for Construction Accident Cases: What You Need to Know
Construction is a notoriously dangerous profession, with workers injured on the job and facing long and costly recoveries. As a result, many victims of construction accidents turn to pre-settlement funding to help them with medical care costs, lost wages and other expenses related to their injuries. Pre-settlement funding can provide crucial financial resources for people who have been injured in construction accidents, allowing them to be compensated for their losses and have the peace of mind that comes with knowing their future is secure.
So, what is pre-settlement funding and how does it work? Pre-settlement funding is an arrangement in which an accident victim obtains a cash advance on a pending legal claim against a third-party who may be responsible for causing their injury. The third-party is typically an insurance carrier, but could also be an employer. In return for providing the funds, the pre-settlement firm will receive a percentage of the potential settlement or jury award. This percentage is agreed upon in advance between the pre-settlement funding firm and the plaintiff.
When considering pre-settlement funding, it is important to be aware of the costs associated with such arrangements. Typically, pre-settlement funding companies charge an upfront fee, as well as a percentage of the total amount of the settlement or jury award. Additionally, the claimant may be responsible for certain legal expenses that are associated with the case.
Those considering applying for pre-settlement funding should also be aware of any eligibility requirements for such arrangements. Generally, a claimant must prove that he or she was injured due to someone else’s negligence, as well as demonstrate that there is a good chance of obtaining a settlement or jury award from the responsible individual or organization. Additionally, the claimant must demonstrate that they cannot pay for their medical care or other expenses due to their injury.
When choosing a pre-settlement funding firm, it is important to select a company that is experienced in the field and has a good track record of approving funding applications. The company chosen should also have a good history of paying reliable settlements and should be willing to provide an estimate of the amount that may be obtained from the case. A reputable pre-settlement funding firm will provide clear and detailed information about the terms of their funding and the associated costs.
As a result of the many risks associated with working in the construction industry, accidents do occur. Fortunately, pre-settlement funding can provide financial relief to victims of construction accidents. By being aware of the relevant eligibility requirements, associated costs and potential firms, accident victims may be able to obtain vital funds to help them with their recovery and secure their financial future.
