The goal of mediation is reaching a settlement between the parties. It occurs when both parties want to try to resolve the case amicably. It brings all the parties together in a cordial atmosphere to see if they can resolve something for a lump sum for the client.
Our mediation begins in Orlando, Florida. Present at the mediation is our client, a former Navy Seal, who was injured as a civilian contractor after he was honorably discharged from the military. Also present at the mediation are opposing counsel, an annuity broker, and the mediator, who is a retired district director with the Department of Defense.
Our mediation starts with all parties in the same room. The mediator explains that this is all completely confidential and it’s non-binding. After that, the insurance company lawyer will walk into another room. During this time, the mediator will go back and forth and give information to each side as to why we’re too high and why they’re too low.
In this particular case, we argued that, due to his injuries, our client won’t be able to utilize the skills he learned. There might be upcoming tragedies and conflicts that are going to arise overseas in the near future. He could use his experience anywhere in Syria, China, Korea, or Africa. We need people like him – brave American heroes – in many areas because these conflicts are becoming more severe.
We work out how much money should be annuitized for guaranteed circumstances and how much money he would need in a lump sum to move on with his life and buy a property for cash. Or to do whatever he needs to do to prepare for his future without the insurance company getting involved.
After several hours of back and forth, the mediation proves successful. Brian reached a settlement for our client. A portion of the lump amount for the client’s benefit is being set up as an annuity. This promises him money for the rest of his life, or for the following 25 years, in the form of a monthly stipend that he will get regardless of what occurs.
So that’s how it works: If both parties are furious about the problem but manage to resolve it, that’s a positive thing. That is, they believe they paid too much, while we believe we received too little. That, my friends, is a successful mediation. Both parties reach an accord in the center.
No one can ever take your settlement away from you. If you hit the lottery and win $100,000,000 tomorrow, it doesn’t make any difference. Your settlement is guaranteed. You can designate a beneficiary on your annuity to ensure that your beneficiary reaps the benefit of your annuity should something happen to you.