No amount of money can make up for a terminal illness such as mesothelioma. However, pursuing compensation through a mesothelioma lawsuit can reimburse a victim and his or her family for related expenses and help them pay for necessary treatments and ongoing medical care. A lawsuit can also hold the negligent or at-fault party accountable, providing the victim with some measure of justice. Understanding the value of your mesothelioma case can help you pursue the amount that you deserve.
The answer to this question depends on the specific case. Many estimates place the average mesothelioma settlement amount between $1 million and $1.4 million. However, each case is 100 percent unique. The settlement value that is appropriate for one victim may not match another, even if they have similar diagnoses. Some victims may receive less than $1 million, while other recovery amounts have exceeded $7 million. Rather than relying on an “average” settlement value, have an attorney calculate the worth of your specific case based on your circumstances.
Most mesothelioma settlements are calculated in two parts: economic and noneconomic damages. Economic damages refer to the financial side of a mesothelioma case, such as the patient’s medical expenses. They are calculated using hard numbers, such as bills from the cancer center, pay stubs, travel receipts and estimates of future costs based on existing bills. Noneconomic damages are the intangible side of a diagnosis, such as the victim’s pain and suffering. They are more difficult to calculate and are often up to a jury to decide based on factors such as the level of impact the illness has had on the victim.
Calculating a fair settlement for a mesothelioma claim starts with making a list of all of the victim’s compensable losses – the types of harm that the victim suffered due to the defendant’s negligence and a related mesothelioma diagnosis. Compensable losses in a mesothelioma case often include:
A plaintiff’s exact list of losses will depend on the specific situation. It’s important to work with an attorney to create your list of losses so that you don’t leave anything out. An attorney can accurately estimate the value of each type of loss, as well, using accountants and experts, to determine the potential value of your claim.
Most, but not all, mesothelioma lawsuits end in settlements. Settlements are preferred to jury trials for many reasons, including protecting the privacy of the parties involved, retaining some measure of control over the outcome of the case, and both parties benefitting from a shorter timeframe and fewer legal costs. If a case goes to trial and succeeds, however, the judgment award will most likely be higher than a settlement.
If you or a loved one has been diagnosed with mesothelioma, you need to understand the value of your case before accepting an insurance settlement. Unfortunately, insurance companies cannot be trusted to accurately evaluate a claim. Turn to an attorney for advice that you can trust instead.
A mesothelioma lawyer will carefully analyze your case to calculate its value. Then, your lawyer will take over settlement negotiations with an insurance company or handle a court trial to achieve maximum financial compensation on your behalf. For more information about the value of your mesothelioma case, contact The Williams Law Firm, P.C. to request a free consultation.