Accident cash settlement disclaimer

oz0707

Are there any available standard forms/letters online which myself and third party can both sign?

We had a small bump and agreed to a cash settlement to cover damage.

I could type one myself but hoping there will be something out there a bit more proper?!

thanks in advance

forgotmyname

Probably a waste of paper, You can sign what you like, or get the other party to sign your form, but if you/they later find there is more damage you/they may want it sorted properly.

oz0707

A receipt stating full and final settlement will have no legal standing?

RS2000.

oz0707 wrote: »

A receipt stating full and final settlement will have no legal standing?

Ask your insurance company, you've told them haven't you?

If he puts a claim in direct to them see if they'd pay out as you'd have a receipt.

forgotmyname

oz0707 wrote: »

A receipt stating full and final settlement will have no legal standing?

They would simply say they settled thinking there was a minor scratch but a garage pointed out further damage unseen, or they now have an injury claim that has only just become noticeable. So no they can still come back later for more.

Your relying on honesty and trust not to come back later for more. If you think there is a risk then report it to your insurer just in case.
But you need to let them know you have done that because they will also need to notify theirs.

Information only no claim at this time.

InsideInsurance

You'd just state payment is made on a without prejudice basis and is full and final settlement.

The without prejudice bit is useful unless you have already admitted liability in which case its pointless. The full and final bit is normally there but holds little sway over the courts should further losses come to light at a later date

londonTiger

i would add, if there are further costs/issue is escalated to an insurance claim you should receive a full refund of the settlement.

Just to protect you from paying double. You pay to settle minor bodywork damage, later on other party claims theuir whole chassis is out of alighment and is a write off and wants to escalate it to a bigger claim/decided to do an insurance claim. You should get your settlement money back.

RS2000.

londonTiger wrote: »

i would add, if there are further costs/issue is escalated to an insurance claim you should receive a full refund of the settlement.

Just to protect you from paying double. You pay to settle minor bodywork damage, later on other party claims theuir whole chassis is out of alighment and is a write off and wants to escalate it to a bigger claim/decided to do an insurance claim. You should get your settlement money back.

Worth the paper it's written on?

londonTiger

RS2000. wrote: »

londonTiger wrote: »

i would add, if there are further costs/issue is escalated to an insurance claim you should receive a full refund of the settlement.

Just to protect you from paying double. You pay to settle minor bodywork damage, later on other party claims theuir whole chassis is out of alighment and is a write off and wants to escalate it to a bigger claim/decided to do an insurance claim. You should get your settlement money back.

Worth the paper it's written on?

Or just write the other party a blank cheque on the roadside.

Of course it makes a difference, this would be admissible evidence is small claims court and MAYBE just MAYBE - the insurer recover the money from the other party as part of legal cover if the other party makes an insurance claim.

RS2000.

londonTiger wrote: »

Or just write the other party a blank cheque on the roadside.

Of course it makes a difference, this would be admissible evidence is small claims court and MAYBE just MAYBE - the insurer recover the money from the other party as part of legal cover if the other party makes an insurance claim.

Would it? It maybe considered relevant it's for the court to decide what's admissible.

Your idea of adding clauses to protect the person paying out may not be seen as fair. The purpose of any contract is to protect both parties.

londonTiger

RS2000. wrote: »

Would it? It maybe considered relevant it's for the court to decide what's admissible.

Your idea of adding clauses to protect the person paying out may not be seen as fair. The purpose of any contract is to protect both parties.

the person receiving the money is in an advantageous position, the clause adds a disclaimer to prevent the recipient from taking advantage and therefore double claiming both a cash settlement AND through insurer.