Truck accidents are a complex issue by nature, and one of the reasons that victims in Louisiana unknowingly accept much smaller settlement amounts than they deserve is insurance confusion that is usually overlooked. A great number of people think that after a collision with a commercial truck, there is only one insurance policy available. However, in most cases, there are several layers of coverage that, if combined, can greatly increase the value of a claim. Therefore, it is important to have a Truck accident attorney Lafayette on your side, as they will help you understand policy stacking, and that will be a great advantage in the whole insurance claim process.
Insurance policy stacking is the practice of utilizing several insurance policies together and getting the most money possible for the injured victim. Truck accident cases are much more common and much more complicated in this respect than standard car accident claims. Commercial trucks are subject to various federal and state rules that usually set a higher minimum insurance limit, however, these limits are not always the case in full. A competent lawyer can reveal all the applicable policies and work out the relationship between them.
Truck accidents, as opposed to passenger vehicle mishaps, may have more than one party responsible. The individual insurance policy may be held by the truck driver, however, the trucking firm generally has a commercial liability policy. In numerous instances, even excess or umbrella policies intended for major injuries might be involved. Furthermore, third parties like cargo loaders, maintenance firms, or vehicle makers might have their own insurance that can be applied to the accident. Policy stacking makes it possible to combine the different insurance coverages and go after them instead of settling early with one insurer.
In Lafayette truck accident litigation, the primary factor that makes insurance stacking significant is the extent of the injuries. Accidents with big trucks usually bring the most severe injuries like traumatic brain injuries, spinal damage, permanent disability, or even death. Medical expenses can go over the typical insurance coverage very soon. Without stacking, the injured people might have to cover their life-long care costs from their own pockets.
Insurance firms do not talk about extra coverage on their own. Actually, they usually do the contrary. Insurers might push people who have suffered losses into getting paid quickly, before knowing all the coverage details. When a release is signed, usually the victims forfeit their right to ask for more funds, even if there are other policies. Hence, the need for legal intervention at an early stage is very important. A truck accident lawyer is able to issue preservation letters, request full policy disclosures, and also stop insurers from having the upper hand in telling the story.
In the case of blame-shifting by trucking companies to reduce their liability, policy stacking becomes necessary as well. They might defend themselves claiming that the driver was an independent contractor, maintenance was done by someone else, or a third party was responsible for the accident. Though these defenses are aimed at restricting liability, in fact, they can lead to the acceptance of more insurance policies. A seasoned lawyer knows how to manipulate these assertions into chances for increasing coverage instead of limiting it.
The interaction between Louisiana law and federal trucking regulations determines the application of insurance stacking. Commercial trucking companies operating in multiple states must also meet the Federal Motor Carrier Safety Administration (FMCSA) standards, which in most cases, set greater insurance amounts according to the nature of the goods. In the case of hazardous materials, substantial insurance limits are imposed. Moreover, proving that a company has violated regulations can make a case stronger and open the door for being very insistent on the right to stacked coverage.
One more significant aspect is the underinsured motorist coverage. In certain instances, the insurance of the victim may still come into play if the commercial coverage is not enough. This is mainly talked about in regard to car accidents, but it can apply in truck accident claims as well if certain conditions are met. Therefore, a comprehensive policy analysis is necessary to ensure that you do not lose out on the compensation.
Insurance policy stacking is not the same as taking advantage of loopholes; it is rather a matter of the injured individuals being able to utilize the full range of their coverages. The lawyers of trucking companies and insurance providers are constantly engaged in limiting the amounts to be paid out. The victims should be provided with the same extent of support. Once all the policies that can be claimed are correctly identified and layered, the monetary difference can be very significant, which can even reach hundreds of thousands or millions of dollars in compensation.
In case you or someone dear to you has encountered an injury in a commercial truck accident, do not take the first settlement offer as an indication of the value of your case. It is possible that more than one insurance policy is covering the case and the issue of timing is crucial. To discover the way in which insurance policy stacking could influence your claim and to find out your legal options, visit website today and talk to a lawyer who is familiar with the intricacies of truck accident cases in Lafayette.
