Along with several other factors, your Newport Beach personal injury attorney can explain how economic factors may affect your case. When the economy is weak, your personal injury case may suffer as a result in the ways outlined below.
When you have a small to medium case that does not involve catastrophic injuries, your Newport Beach personal injury attorney can explain that insurance companies will likely be more conservative in the evaluation of claims.
Insurance companies make their living by investing the funds that they have deposited with them. When the economy is weak, these investments are likely to suffer. Your Newport Beach personal injury attorney might explain that this situation motivates insurance companies to find ways to make up for their losses. This situation often causes a claim to be settled for less than it would be settled for in a stronger economy. Additionally, insurance companies may shy away from offering the maximum amount available for catastrophic injury cases.
Loss of Staff
The Newport Beach personal injury law firm that represents you can explain that staff is often cut during an economic downturn. When this occurs, processing claims is often more difficult and more time-consuming. Additionally, a shortage of staff may mean that cases are transferred to other adjusters with whom local personal injury attorneys may have never worked or built a relationship with. As a result, the attorney must often work harder to demonstrate why your case is worth a certain value.
For more information on how the economy may affect your case, contact Russell & Lazarus APC at 949-851-0222.