THOUGHT LEADER
The Accident Still Happened,
Now What? Managing loss post-accident using structured settlements Written by Alexander G. Hunt
Y
ou have several budgets to manage but prob- ably none so variable and difficult as your insurance-risk management program. Your loss-prevention programs are state of the art.
You hired competent internal or third-party administra- tor adjusters. Still, accidents will happen. Managing claims that occur means reducing the cash
outlay, delivering fair and well-designed settlements to injured parties, and reducing insurance premiums going forward. The preparation and expertise of the team in charge of protecting an entity’s interests and creating innovative solutions during the settlement process can be the difference between a debilitating adverse judgement or a successful resolution that works in the best interests of all parties. Those responsible for risk management will always seek to secure the most comprehen- sive and economical insurance coverage. Best practices include hiring qualified coverage consul- tants and claims professionals. Importantly, the best programs consider another professional as integral to their team, especially when navigating the resolution of complicated claims—a reputa- ble and experienced settlement consultant. Settlement consultants are
objective advisors that provide creative solutions at the settle- ment table and work as a resource for risk managers, claims adjusters, attorneys and mediators—all at zero cost to the insured company or insurance carrier. While there are many products and
services that a settlement consultant will bring to the resolution process, the key product is a tax-free struc- tured settlement annuity. At its core, a structured settlement is a specialized
The best risk- management programs include hiring qualified coverage consultants and claims professionals.
annuity that is both tax-free and guaranteed under U.S. Tax Code § 104. It is available to those who have suffered bodily harm in an accident or in any workers com- pensation claim. Only select, top-rated life insurance companies underwrite structured settlement annuities, so they provide the highest level of security available in any financial instrument. Structured settlements are customized to meet the needs of the claimant and provide a cost-efficient solution for the defendants in a claim. They both increase the present value of their settlement, offer via tax-free interest accumulation, and ensure that the funds will be properly preserved for the injured parties. Structured settlements were
originally developed in the 1970s, to preserve settlement funds for babies who suffered birth defects from the Thalidomide scandal. Today, they are an ideal solution for any injured party that needs their settlement proceeds to last. They also provide financial security for folks who cannot return to work, suffer cognitive difficulties, permanent disability, or simply would otherwise have trouble managing large sums of
money responsibly. Often when settling a claim, there is some upfront cash to be used to address immediate needs such as
Alex Hunt is a settlement consultant with Ringler, the largest settlement firm in the industry. He advises clients nationwide on a wide range of complex liability and workers compensation settlements. He can be reached by email at
ahunt@ringlerassociates.com.
22 School Transportation News • AUGUST 2021
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