The damages suffered in a maritime accident can be extensive. While you’ll likely have physical injuries that lead to mobility issues and extensive pain, you’ll also have mental anguish, medical expenses, rehabilitation costs and lost wages to contend with moving forward. If you don’t act to recoup compensation to offset these losses, then you can be put in a difficult position where you’re unable to make ends meet. This, in turn, can lead to even more legal issues like debt collection, repossession or even foreclosure. You certainly don’t want to wind up in that position.
These fears are often catalysts to quick maritime claim settlement. Although a lot of legal cases filed based on maritime law end up settling before they head to trial, you have to be careful with how you navigate negotiation and resolution of your claim. Otherwise, you could end up with an outcome that doesn’t suit your needs. With that in mind, let’s look at some missteps that you’ll want to avoid as you navigate the settlement process ahead.
Avoid these errors when negotiating settlement of your maritime law claim
You need a strong legal strategy heading into settlement negotiations. But as you develop your approach, you should be careful to avoid the following missteps that could prove costly to your case, your future and your ultimate recovery:
- Misunderstanding the value of your claim: Before you can tell whether a settlement amount is right, you have to understand the nature and extent of your damages. So, before sitting down at the negotiating table, make sure you truly understand the harm that’s been caused to you and how much money you’ll realistically need to cover your losses. Only then will you have a target to shoot for during negotiations and only then will you know when an offer is right to accept.
- Failing to anticipate defense arguments: When you sit down at the negotiating table, you need to be prepared for trial. This means that you have to be ready to not only present your case and why you think it’ll be successful if the case heads to court, but also why you think the defense’s arguments fail. If you’re unprepared to address the defense’s assertions, then you might be taken by surprise during settlement talks, which can leave you flat-footed, not knowing how to respond. This puts the leverage in the defense’s corner, leaving you at risk of being offered a lot less than you need.
- Settling too quickly: We understand that you probably need a quick influx of financial resources to cover your losses, but moving toward settlement too fast could cause you to miss opportunities to recover the compensation you deserve. So, even if an offer sounds good at first, be sure to take the time necessary to fully consider it and its implications so that you can make a fully informed decision that’s right for you.
Navigate your maritime law case with confidence
There are several other missteps that can be made when pursuing one of these cases, so please don’t make the mistake of thinking that the items listed above are exhaustive. Instead, if you want to learn more about how to effectively build a successful maritime law case, you should discuss the matter with your attorney. That way you’ll know how to craft and implement a strong legal strategy that addresses the nuances of these cases while giving you a realistic idea of how your claim will play out. Reading our blog may be a good starting point for you but be sure to seek out any additional guidance that you may need along the way.