NYC Personal injury lawyer

When you have a car accident or other type of personal injury incident, you may be entitled to some form of monetary compensation from an employer or insurance company. However, the devil is in the details when it comes down to deciding exactly how much your injury is worth, and whether you have a strong chance of winning your case. Fortunately, there’s a job for that called Underwriter.

What is an Underwriter?

In general, the job of underwriter can vary from one niche to another, but when it comes to personal injury cases, an underwriter is often a legal professional who understands how the legal system works, and how personal injury claims are settled.

Basically, an underwriter can provide an educated estimate of what a personal injury case is worth, based on information such as:

  • extent and severity of injuries
  • insurance coverage of both parties
  • history of prior accidents or traffic violations
  • police reports
  • evidence of liability

The Underwriter’s Role in Lawsuit Lending

When you apply for pre-settlement funding to cover your financial needs while your case settles, an underwriter serves as an unbiased third party to evaluate your case and your likelihood of winning, and to estimate the projected settlement amount.

The underwriter will do some or all of the following:

  • Review your application for funding, taking into consideration your age, injuries and your account of the accident details.
  • Review all relevant documents, including police or incident reports, medical records, insurance documents, witness statements and documents from your attorney.
  • Ask additional questions of your attorney about anything that is unclear in the application or documentation.
  • Estimate the risk level of funding, based on your likelihood of winning the case and the settlement amount you will likely receive. The funding company only gets its money back if you win your case, so if the risk is high, you may be declined, or they may charge a higher interest rate based on risk.

Other Factors Influencing the Lender’s Decision

The underwriting process is an integral part of pre-settlement funding, and it can take hours or days, depending on the volume and clarity of information provided. Once all the information has been gathered and examined, other factors may influence the decision of whether or not to provide pre-settlement funding:

  • The case is a toss-up: If there is no solid evidence that the case will go one way or another, the lending company will have to decide whether to take a risk on a 50/50 proposition.
  • Existing liens against the settlement: Even if your prospects for winning your case look good, liens for medical or other expenses against the settlement could deter a lending company from forwarding you money.
  • A long, drawn-out case: Some cases settle quickly, but others can take years. If it looks like your settlement could take a while, you may be denied funding because the interest rates over time would be too high.
  • Inadequate information: Sometimes you have to wait for details to emerge. If your incident is recent, it may be too soon to factor in all the details to make a decision on funding.

Underwriting at Cronus

At Cronus, we pride ourselves on integrity and transparency. Our underwriters work quickly to determine whether you qualify for pre-settlement funding, and we will be up-front with you about the outcome. Contact Cronus today, and put your mind to rest, knowing your are working with a reputable company with your best interests at heart.

CategoryPersonal Injury
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