The Settlement Process
Settlement is the full and final resolution of a claim for compensation. It is vital that you know the full extent of your injuries and the impact they will have on your life prior to agreeing to settle.
In the event your injuries have fully resolved and your physician feels your injury related symptoms will not return, valuing your claim may be a relatively easy to do. If your injuries are ongoing it is important to know what the “prognosis” or expected outcome of these injuries will be, and the impact they will have on your life, both financial and otherwise, prior to settling your ICBC Claim.
How do I know what my claim is worth?
Information that can help you determine the potential value of your claim maybe found here.
Can a Settlement be Set Aside?
The short answer is usually not. When a settlement is reached with ICBC they require that you sign a “Full and Final Release”. This document is a binding contract where you agree to give up your right to sue and seek compensation from the entities that caused you injury, ICBC, or both, in exchange for receiving the settlement money.
Except in clear cases of fraud, duress or other limited circumstances, the courts consider these settlements binding. For this reason it is very important not to settle prematurely or for an unfair amount.
What if ICBC refuses to offer an acceptable amount?
If you and ICBC cannot reach a fair settlement agreement, you have the right to go to court. You can do this with or without a lawyer.
