Is Interest Added To My Personal Injury Settlement, Judgement, Verdict Or Award?
If you resolve your personal injury case by way of a settlement, compensation is typically paid at the time of settlement, especially where there is an insurance company involved. If the settlement funds are not paid immediately, generally the terms of the settlement would control is interest is allowable. As attorney Eric T. Kirk will tell you, if a car accident, products liability, or personal injury claim proceeds to trial and is successful, different standards apply to allowable interest allowable. Can you collect interest on a Judgment if it is not timely paid?
Typically, you are granted interest on the amount you are awarded in court until it is paid.
Absent exceptional circumstances, pre-judgment interest [interest that would cover the time period from the date of the injury to the date of the verdict or settlement] is NOT awarded in personal injury cases. The rationale is that the amount of pain, suffering or emotional anguish is not subject to ready measurement.
However, once the amount of the award is reduced to a judgment of the court, post-judgment interest of 10% will accrue from the date of the judgment until paid.
An experienced Baltimore personal injury attorney can assist you, not just in obtaining a judgment for you, but also in ensuring you collect the interest due on that judgment.
I offer to meet with all prospective clients on a complimentary basis to analyze the facts and law surrounding their unique situation. If you have been injured, let me first say I am sorry that has happened to you. Let me secondarily say I’d be happy to personally meet with you, and see if I can assist. Feel free to call me at 410 591 2835.
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A Baltimore car accident and personal injury litigator who has taken hundreds of cases to trial in Maryland, New York and Florida, recovering millions over a 30-year mission to obtain denied compensation for his clients.
