State Farm release form for compensation settlement

Posted: Sun Sep 14, 2008 06:33 am Post Subject:

That may be out of context but as I read it, it's simply stating that the insurance company is not giving up any right that may have to purse a claim against you. They have that right anyway and there is no reason why them agreeing to pay you for your loss should negate any right of recovery they have (be it none or otherwise).

Posted: Mon Sep 15, 2008 04:44 am Post Subject:

What I understand form your post is that StateFarm requires you to sign the release from all liability form to abstain you from pursuing its client for the losses caused by him. It states that you are accepting the state farm claim car repairs amount and, henceforth, will not demand any compensation from the responsible party.

Posted: Mon Sep 15, 2008 05:56 am Post Subject:

Hi Christa, I can understand your anxiety, but just calm down, its very unlikely that the insurance company will come after your assets in the future for the damages. However, if it happens you need to keep the followings in mind,

• 
  
• You need to inform your insurer regarding the lawsuit, and need to follow their instructions. The insurance company is required to help you through the hearing.
  
  
• Always make record of all the communication that you have with the plaintiff and his attorney.
  
  
• Don't solicit any discussion with the claimant or his attorney during or before the court hearing. This may cause serious harm to your defense.

Posted: Mon Sep 15, 2008 06:30 am Post Subject:

When you are settling the claim make sure that your insurance company obtains the release from all liability form signed by the other party. This will omit your chances of being sued by the claimant's insurance company or the claimant.

Also, if you don't possess any asset to protect against a bankruptcy action, you have no reason to worry about losing it.

~Jeremy

Posted: Mon Sep 15, 2008 11:17 am Post Subject:

expressly reserves all rights of the parties released to pursue their legal remedies, if any, against the undersigned, their heirs, executors, agents and assigns.

Posted: Mon Sep 15, 2008 07:10 pm Post Subject: Thanks to everyone

Thank you to everyone for their helpful advice. I have been doing some other searching and it seems this is standard language. I have signed and am going forward.
I really appreciate everyone who took the time to give me the help.

Posted: Tue Sep 14, 2010 11:50 pm Post Subject:

I was offered a settlement. The insured party is a good friend of mine. Will there be hard feelings will she know about the settlement and will it effect her insurance rates or her assets?

Posted: Wed Sep 15, 2010 01:17 am Post Subject:

First, you should have started a new thread.

Will your friend resent your actions? No one here, except you, knows this person so how can we answer that? If she asks her carrier they will let her know of the settlement. Also, they _should_ send her a copy of the release showing the amount of the settlement but sometimes carriers don't do this. Yes, this could affect her rates.

All of this should not concern you. People take responsibilities for their own actions. Was your pain in this loss not worth the amount you settled for? You are simply being compensated for your loss. Nothing more... nothing less.

Posted: Thu Nov 17, 2011 01:27 pm Post Subject:

How to fill out release property damage form

Posted: Thu Nov 17, 2011 05:21 pm Post Subject:

You just need to put correct information in their respective boxes. And then duly sing it yourself and get the signature of the witness (es).