More than three dozen South Floridians are facing a reduction of up to 60 percent in their settlement checks from their insurance company. The insurance company is being liquidated by a New York government agency, which will affect about 1,500 of their annuity recipients, because it simply doesn't have the money to continue on.
T.C. is a survivor of a construction accident which occurred more than 30 years ago and has been receiving monthly checks for his injuries from the accident after reaching a million-dollar settlement with his insurance company. He was relying on the New York government agency to protect his assets but ironically, the agency ended up convincing the New York court to liquidate the insurance firm which he relies on financially
T.C. was only 29 when he tripped on a high-rise conduit pipe and fell several floors while working on hotel construction in New York near the World Trade Center. The accident occurred in 1980 and since then, T.C. has been totally disabled as a result of his injuries, living a life of painkillers, surgeries and continual physical therapy. The settlement checks being sent to him helped in coping with the medical expenses and also the loss of income which resulted from his disability. T.C. has said the cut that resulted from the court decision will reduce his check to less than the $3,500 alimony payments he owes his ex-wife every month, not to mention his own living expenses.
The construction accident victim is not alone. T.C. is joined with more than 1,500 other recipients facing losses, from maimed bicyclists to a child survivor in need of facial reconstruction. The average loss for each recipient is estimated to be around $600,000 in total. The insurance agency has stated it simply does not have the money to pay everyone. The firm is $1.5 billion short, to be exact.
Although an emergency hardship fund of about $100 million has been set up, the amount is nowhere near significant enough to make a dent in the losses recipients will sustain. Furthermore, there is an application process to receive that aid and even then, not every applicant will be accepted.
The loss is stunning to the thousand or so customers who rely on the insurance company. T.C. was unaware of the economic hardships the company had been facing for years until he received a letter in the mail warning him of future cuts. Specialists in the field claim that the insurance firm could have prevented this situation by maintaining their accounts and reserves more efficiently. Instead, hundreds of injured victims are facing an unknown future with no financial security.
The hardships faced by the nation's economy have affected virtually every avenue of financial matters. To witness the lives of dependent victims be further damaged because of something as fundamental as money is tragic. At Mesa Law Firm, we want to see every one of our clients be given the financial security required to adjust to life after their injuries. While projections of what will happen in the future with the economy remain undependable, we remain a consistent source of legal representation for those in need of a Miami personal injury attorney who will fight for their best interest. If you or a loved one has sustained injuries as a result of a car accident, construction accident or any other mishap that was due to another person's negligence, we encourage you to call our office today and learn more about the services we offer. We want to help you and we have the experience and skills needed to assure you that you are being adequately represented.