Oilfield Accidents: What to Expect From a Settlement

July 21, 2023

Oilfield accidents can lead to devastating consequences, including severe injuries and financial burdens for victims. This can be massively distressing, especially if you don’t know where to turn to for help. Being in the dark after an accident might make you feel hopeless about getting the compensation you want.

Thankfully, there’s help available. If you or a loved one has been involved in an oilfield accident in Austin, Texas, understanding what to expect from a settlement is crucial for seeking fair compensation. Find out more about the settlement process in Austin, Texas below.

Liability and Investigation

An investigation usually occurs after an oilfield accident. This helps to determine liability. 

Investigators look at company policies. They’ll check out safety procedures to make sure everything is up to code.

They may also investigate equipment and maintenance records. For evidence, investigators take witness statements and thoroughly inspect the area. 

It’s important to gather evidence to establish negligence. Anyone from the employer, contractor, or equipment manufacturer might be at fault. 

Evaluation of Damages

Reaching a fair settlement involves evaluating damages. Medical expenses and lost wages play a major role in getting the right compensation. Emotional damage, personal injury cases, and future medical needs are also taken into account.

An attorney will help assess the full range of damage. They’ll then fight to get the right amount of financial compensation. 

Negotiations and Settlement Demand

With the support of legal counsel, negotiations with the liable party or their insurance company will begin. An attorney will prepare a settlement demand that outlines damages. This will present a fair and just compensation amount. 

They will negotiate on a client’s behalf to reach a favorable settlement. This settlement should cover losses.

Mediation and Alternative Dispute Resolution

In some cases, mediation is necessary for compensation. Mediation involves a neutral third party facilitating negotiations between the parties involved. 

This process allows for open discussions and potential resolution. But, the final decision to settle rests with the victim.

Litigation and Trial

Litigation happens when a fair settlement isn’t reached through mediation. An attorney will file a lawsuit on their client’s behalf. They’ll represent their client in court so they have the support they need. 

Having an attorney experienced in oilfield accident litigation is a must. In Texas, the oil rigs lawyers at Herring Law Firm are the best people for the job. These top attorneys know how to build a compelling case and present it to a court. 

Settlement Offers

Settlement offers come from the liable party or insurance company. They offer a certain amount of compensation to speed up the process. An attorney will review these offers to make sure they are fair before accepting them. 

A client does not have to accept a settlement offer. An attorney will advise whether they should take the offer or hold out. At the end of the day, it’s the client’s decision. 

Timelines and Legal Deadlines

Throughout an oilfield accident settlement, there will be deadlines that must be met. These might include the processing of information or accepting or deciding a settlement. An attorney will understand the statute of limitations so that all deadlines get met.

Not meeting these deadlines could affect how a claim gets paid or if it gets paid at all. 

Know the Law When it Comes to Oilfield Accidents

Obtaining a fair settlement after an oilfield accident in Austin, Texas, requires a comprehensive understanding of the settlement process and the legal nuances involved. Oilfield accidents occur more often than most people think, so it’s important to know what to do when they happen. 

Seeking the assistance of a skilled attorney who specializes in oilfield accidents in Austin, Texas, is essential for navigating the complexities of your case. They will provide guidance, protect your rights, and diligently pursue a settlement that adequately compensates you for your damages. To learn more, contact us here

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