Miami Subrogation and Recovery Lawyer

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Miami Subrogation and Recovery Attorney

Subrogation occurs when one party tries to assume the legal rights of another party, often by substituting one creditor for another. It can occur when one party absorbs another party’s right to sue. It also often happens when an insurance company decides to compensate one of their policyholders for an injury, resulting in the policyholder’s right to sue being transferred to the insurance company. To learn more, speak with a Miami subrogation and recovery lawyer.

miami subrogation and recovery lawyer

What Is Subrogation?

Subrogation is a term mostly associated with insurance practices. It refers to the act of one party standing in the place of another party and absorbing some of their rights and legal standings. Subrogation defines the rights of an insurance company before and after it pays out claims against a policy. It can also make it easier for people to obtain a settlement through an insurance policy.

When an insurance carrier contacts a third par ty for damages, it is effectively taking on the rights and legal standing of the policyholder who initiated the request. The insurance company, for all intents and purposes, is considered the policyholder for the duration of the damage claim and can seek compensation on its client’s behalf. If the policyholder has no legal standing to pursue a lawsuit seeking compensation, the insurance company doesn’t either.

Need help with your insurance claim? Contact LMK Legal, your trusted Miami Subrogation and Recovery Lawyer, today and get the free consultation!

How Does Subrogation Work?

In most cases, a person wishing to make a claim for losses reaches out to their insurance company, who then pays the claim. That company seeks to be reimbursed from the insurance company of the other party involved in the claim. Typically, the customer is paid promptly, and their insurance company can make a subrogation claim against the liable party.

For example, if a car accident is caused by another driver and your insurance company pays for the damages, they can seek reimbursement from the at-fault driver’s insurance company through subrogation. This ensures that the cost burden is placed on the correct party.

Subrogation claims can be immensely complex, and an experienced subrogation lawyer can help in making such a claim. Insurance policies contain complicated language, and having an attorney who has experience and understands the business is important. In a subrogation case, an insurer may seek to recover funds from the third party if they are the ones who caused the initial loss.

However, the policyholder does not have the right to file a claim to receive those recovered funds outlined in their insurance policy or to seek additional damages from the liable party that caused the losses in the first place. In short, choosing to utilize subrogation allows some accident victims to receive their claim payments faster after a loss.

Subrogation on the insurance side can be a bit different, especially when it comes to car insurance. In these cases, subrogation occurs when the insurance company takes on the financial responsibilities of the insured victim as a result of an accident payout. The company then seeks repayment from the party who is at fault for the accident or injury. This process can take a long time, depending on the circumstances surrounding the case and various state regulations.

FAQs

What Is the Subrogation Law in Florida?

Subrogation is recognized as a valid insurance principle under Florida law and allows an insurance company to seek reimbursement from the third party responsible for any losses it has paid out to its insured. Subrogation can involve intense negotiations, enforcement proceedings, and the involvement of a personal injury firm, depending on the situation. Once the liable party is identified, subrogation is a legal procedure an insurance company can use to recoup losses.

Can Subrogation Benefit Policyholders?

Yes, subrogation may benefit policyholders. When an insurance company successfully recovers costs through subrogation from a responsible third party, the individual policyholder may not have to pay their deductible or may receive a reimbursement for expenses already paid. Subrogation can benefit you by potentially reducing your out-of-pocket expenses and preventing increases in your insurance premiums.

What Is the Recovery Rate for Subrogation?

The recovery rate for subrogation is the amount in dollars that is recovered from the total amount paid in a claim. The recovery rate is often measured in terms of gross recovery, costs, and expenses. The recovery rate can be quite high after the adjusters take into consideration subrogation, comparative negligence, and other significant factors that can impact the total amount received. It largely depends on the case.

How Do I Fight Insurance Subrogation?

There are a number of ways that you can choose to fight insurance subrogation. For example, if you are trying to fight a subrogation claim for property damage, you can demonstrate that you are not actually at fault for the damage, as subrogation relies on fault. You could also challenge the amount of the claim, as insurance companies may inflate the value of a claim in order to get a larger settlement through subrogation.

What Are the Affirmative Defenses to a Subrogation Claim in Florida?

There are several affirmative defenses that one can make to a subrogation claim in Florida, which are valid and could result in the case being reevaluated. A few of those defenses are:

  • Lack of Greater Rights: The subrogee can only enforce rights that the subrogor can enforce, which means that the subrogee cannot be subrogated to any greater rights than the subrogor possessed.
  • Statute of Limitations: The statute of limitations on an equitable subrogation claim starts to run out once payment is made.

Reach Out to an Experienced Subrogation and Recovery Lawyer Today

Subrogation is a process that allows your insurance provider to recover everything they’ve had to pay out to you as a result of your personal injury or accident claim. They are able to recover these damages from the insurance provider of the at-fault party.

If you suffered a personal injury and wish to pursue an avenue involving subrogation, reach out to the legal team at LMK Legal to see how we can assist in your case. Subrogation cases can be confusing, so it is vital that you consult with an experienced subrogation lawyer before pursuing further action. Reach out to schedule a consultation with a valued team member.

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