While the facts of this MVA were favorable – 3rd party pulled out in front of our client’s insured – this case was made difficult by a complete absence of any valuation documentation of the insured’s unique mobile oil rig, jeopardizing our client’s $385,000 property damage settlement. Subsequent to our pursuit of the subrogation claim, 3rd party’s carrier apparently became aware that MIG’s insured may have paid far less for the insured vehicle than our client’s policy (we also notified our client of this event). Once we filed suit, we advised the 3rd party carrier’s adjuster that our insured stated they no longer had any documents regarding this vehicle, and that would actually work in our favor, as the focus would then necessarily shift to our client’s good faith payment as the basis of valuation. The strategy worked as we were able to finally settle for $200,000. The 3rd party carrier was initially adamant against paying anything, by relying upon the complete lack of purchase documents establishing valuation.
by Nick Tesh