Limitations Of Insurance Coverage

  • Policy limits that restrict the maximum amount the insurance will pay.
  • Exclusions within the policy that denote what is not covered.
  • Deductibles which are out-of-pocket expenses before the insurance kicks in.

This means that if the awarded settlement from your insurance doesn’t cover all the damages or losses that the other party incurred, they may have the option to pursue further legal action to recover the balance.

Legal Implications After Insurance Payments

  1. Whether a Release was signed, which typically absolves further claims.
  2. The nature of the damages recovered under the policy.
  3. Statute of limitations which dictate the timeframe within which a lawsuit must be filed.

It’s essential to comprehend the specifics of your policy and the legal context of your situation. Consulting a legal expert can provide clarity and insight to mitigate risks of post-settlement lawsuits.