How long does an insurance company have to settle a claim?
There is no specific time limit during which the insurance company must come to a settlement agreement with an insured or a third party claimant.
Typically, our Ft Lauderdale attorneys will give the insurance company 20 to 30 days to review and respond to our demand package — consisting of a client’s medical bills, medical records and our lawyers theory of liability and damages. Thereafter, your Florida Injury Law Group attorney may spend several weeks providing the insurance company with additional information and negotiating with them to increase their settlement offer. The negotiation period could last a few weeks to a few months.
Once the insurance company reaches their maximum settlement offer, the Florida Injury Law Group will advise you whether the settlement offer is reasonable based on our experience with similar cases. Ultimately you, the client, will decide whether to accept the offer or instruct our firm to file a lawsuit. Once a client and the insurance company have agreed upon a settlement amount in writing, the insurance company must pay within 20 days or pay interest as provided by Florida Statute 627.4265.