We recently received a phone call from a nice guy who has a fairly reputable attorney that appears to have gone off the deep end. His case was settled in December and he still hasn't been paid.
There is not set rule for how long an insurance company has to pay a settlement or Arbitrator's award, but generally speaking, once 30 days have passed it becomes an issue. Usually at 60 days if you haven't been paid then you can probably get penalties and fees against the insurance company which means that you would likely receive 50% more for your case.
For some reason, our caller's attorney told him that it could be up to six months before the check is received. Huh? If I didn't know the attorney who was helping him I would have been worried that his money was stolen, but it's still bizarre. To make matters worse, the lawyer apparently isn't returning his calls. That is certainly a sign of a problem.
Don't be afraid to ask your lawyer about these issues before you sign settlement contracts. And if you are having trouble getting your check, hold their feet to the fire.
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