8 Steps Involving Getting Your Workers’ Compensation Settlement Check After a Settlement Agreement is Reached with the Insurance Company
FIRST: After a settlement agreement is reached, I will draft the settlement contract and/or review the settlement contract drafted by the Respondent’s insurance company’s attorney.
SECOND: The Settlement contract needs to be signed by the insurance adjuster or the Respondent’s attorney.
THIRD: You, the client, must sign the settlement contract. When signing a settlement contract, you give up several rights, including the right to go to Trial before an Arbitrator, the right to appeal an Arbitrator’s decision to the Commission, the right to future medical treatment at the employer’s expense and the right to any additional benefits if your condition worsens as a result of your work injury. This is standard boiler plate language on every settlement contract.
FOURTH: The settlement contract must be approved by the Arbitrator. The Arbitrator will require a medical report from you treating physician showing that you have completed your medical treatment and that you are at maximum medical improvement. The law requires the Arbitrator make sure the settlement contract is fair to both parties. Usually the settlement contracts will be mailed to the Arbitrator for his approval with medical report from your doctor.
FIFTH: Approved settlement contracts are received from the Arbitrator and mailed to the claims adjuster or the Respondent’s attorney. We request 2 separate settlement checks at this point. One payable directly to the client, the second payable to our Firm. Only about 30% of the time will the insurance company forward us 2 separate checks. 70% of the time, the insurance company will forward us 1 check payable to both the client and our Firm.
SIXTH: If the settlement check is payable to both yourself and our Firm, you must come to the office to sign the settlement check. Our policy requires that you come to the office to sign the settlement check so a settlement check is not lost in the mail causing untold other problems, including but not limited to, not receiving your settlement check for a long time.
SEVENTH: We deposit the settlement check in our trust account. The bank requires 7 days for the check to clear.
EIGHTH: After the check clears, we draft a check from our trust account to you for your portion of the settlement and a draft a check to our Firm for our portion of the settlement. We call you when that settlement check is available. You have the option of coming to our office to pick up the settlement check or we can put that check in the mail to you.