When a worker is hurt on the job, he/she is entitled to workmans? compensation benefits.? The injured worker has access to these ?benefits? irrespective of how the injury occured .? In other words, even if the worker was inattentive or otherwise did not take the acceptable steps to safeguard him/herself from harm, workers? compensation benefits are still available.? Likewise, if an employer negligently contributes to the employee?s harm on the job, the employee?s remedy is limited to the workers? compensation program.
When an entity OTHER THAN the employee or the company is at fault, workers may pursue a ?third party? lawsuit. ? For example, if a machinist is hurt while working, and the gear was not properly taken care of by a maintenance company (third party), the worker can pursue a claim of negligence against that party in court .?
Brought to you by Tampa Personal Injury Lawyer
Another frequent illustration is when a worker is injured on the job while operating a vehicle and the accident is the fault of another driver.? In that case, the hurt employee can sue the other driver as a third party .
This is significant because the client can now receive compensation in full for his/her injuries instead of being limited by the applicable workers? compensation laws .
This is also excellent for the employer (insurance carrier) because any ?benefits? given to the worker must be paid back if a monetary award is obtained against the third party.? This is also known as a Workers? Comp Lien .
For the plaintiff?s attorney, the scenario is ideal as it relates to fees.? The attorney can collect a fee for handling the workers? compensation case AND collect a contingent fee of up to 40% on the third party civil case .
Do Third Party Cases qualify for lawsuit funding ?
The answer to the above question is that it depends on a assortment of factors.
In certain states, lawsuit loan companies will not advance money on workers? compensation cases.? The presence of a third party lawsuit makes the case available for cash advance funding in those jurisdictions where pre settlement funding companies might not otherwise provide cash for a workers? compensation claim.? Third party lawsuits avail themselves to pre settlement cash advances in New Jersey, New York, Ohio, Pennsylvania, Texas, California, Arizona, Maryland, Massachusetts, Michigan and a variety of other states.?
The not so fantastic news is the presence of the workmans? comp lien.? That quantity must be paid back from any recovery against a third party.? Liens are a significant consideration for litigation funding funding professionals since they must analyse the risks associated with offering cash before the lawsuit is resolved (pre-settlement).? So while there may be more funds available for the applicant and his/her attorney, the amount available for repayment of the advance after settlement must be weighed in order to properly handle the lawsuit loan outfit?s risk.
Of course, this is equally right for all liens when considering pre settlement funding.
Thank you for your interest in the litigation loan business.
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