How Much Is the Average Oil Rig Accident Lawsuit Settlement?

Have you suffered debilitating injuries in an oil rig accident? Are you pursuing compensation through an insurance or civil claim? If so, you may be anxious to know how much you could win; however, there is no average oil rig accident lawsuit settlement.

Too many variables could impact the amount of compensation you could recover. However, by reviewing these factors and discussing the details of your case with your personal injury attorney, you can gain insight into the value of your oil rig accident lawsuit settlement. When you do not have time to wait for your settlement funds, contact our loan specialists at High Rise Financial to get an advance on your payout.

History of Oil Rig Accidents and Settlements

Some of the most recent oil rig accident settlements include Deepwater Horizon, ExxonMobil, and Chevron.

Deepwater Horizon

When the Deepwater Horizon oil rig exploded in April of 2010, it left 11 people dead and 17 people injured. It also became known as one of the largest environmental disasters. This accident resulted in one of the largest settlements in United States history at $20.8 billion.

ExxonMobil

ExxonMobil has had to pay large settlements for multiple rig explosions. One of the company’s largest settlements involves a $12 million settlement for natural resource damages. This settlement was arranged because of an oil spill in the Yellowstone River in 2011.

Chevron

In 2013, an explosion occurred at the Chevron refinery in Pascagoula, Mississippi. The fire resulted in one worker’s death and another’s injury. Upon further investigation, it was discovered that the company’s failure to properly train employees was the cause of the accident. 

This accident and other serious accidents resulted in Chevron settling with several government agencies for $150 million in safety improvements and upgrades.

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Factors that Impact the Value of an Oil Rig Accident Settlement

Multiple factors could impact the compensation you could win in an oil rig accident settlement. Once you understand why these factors matter, you can determine how much your claim could be worth.

Types of Damages

To start, one of the most important factors influencing your oil rig accident settlement’s worth is the damages you experienced. You are entitled to compensation for economic and on economic damages.

Your oil rig accident attorney will review these losses at length to ensure they account for every single one. Examples of common types of recoverable damages after an oil rig accident include:

• Lost wages
• Diminished earning potential
• Loss of household services
• Funeral and burial expenses
• Loss of employee benefits
• Ambulance bills
• Ongoing medical treatment
• Future medical care
• Healthcare equipment fees
• Costs of prescription medications
• Physical pain and suffering
• Mental anguish and emotional distress
• Skin scarring and disfigurement
• Loss of consortium
• Reduced quality of life
• Personal property damages
• Reputational damages
• Inconvenience

Insurance Laws

Insurance laws can also have an impact on the outcome of your case. Some states follow fault-based insurance laws, while others follow no-fault laws:

Fault Insurance

When you file a claim in a fault-based state, you file a claim with a Liable parties insurance company. In fault states, the liable party’s insurer covers specific types in amounts of damages. Generally, this includes personal property repair costs and your medical expenses due to the responsible party’s property damage and bodily injury liability coverage.

No-Fault Insurance

When you file a claim in a no-fault insurance state, you file a claim with your insurance company. Motorists in no-fault states must carry no-fault or personal injury protection (PIP) coverage.

Then, when involved in an oil rig vehicle accident, it does not matter who is responsible for causing the collision. You always file a claim with your insurance company. However, similar to fault insurance claims, the amount you can when is based on how much coverage you purchased from the insurer.

What Insurance Settlements Cover

Insurance settlements generally only cover specific types of economic losses. While certain insurance policies might offer protection for a loss of income or funeral and burial expenses, most insurance policies cover only vehicle repairs and medical bills.

Expect to be limited in your insurance settlement. If you can get more, great. If you need help, you can have your attorney negotiate with the insurance company and prepare to bring your oil rig accident case to court.

The Oil Rig Company’s Responsibility

Many oil rig companies are slow to accept responsibility for oil rig accidents. But these companies are more than liable for oil rig accidents. While oil rigs can be dangerous environments, accidents can be avoided. 

Oil rig accidents often happen because the oil rig companies fail to practice safety standards.

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Whether You Are Eligible for Workers’ Compensation

Many oil rig accidents happen in work-related situations. If this happens, you might have grounds for compensation and benefits through your employer’s workers’ compensation insurance provider. Although most states require employers to provide workers’ compensation, only some states have these obligations.

If you qualify for worker’s compensation, the insurance company will cover certain types and amounts of benefits, such as:

• Compensation for a portion of your lost income
• Total coverage of your medical expenses
• Vocational rehabilitation benefits
• Death benefits for surviving family members

Contributory Fault Laws

Every state has contributory fault laws, which determine how cases are handled when injury victims share blame for the accident or subsequent injuries. 

Comparative Negligence

In states that follow comparative negligence laws, if you share blame for your oil rig accident injuries, your settlement will be reduced to your percentage of the blame. If you were found 25% responsible for causing the accident, your compensation would be reduced by 25%.

Modified Comparative Negligence

In modified comparative negligence states, there is a limit to the percentage of blame injury victims can carry. Every state’s threshold is different but generally ranges from 49% to 51%. If your portion of blame exceeds this limit, you will no longer have the right to pursue your case at trial.

Contributory Negligence

In contributory negligence states, when injury victims share blame for the accident, they are prohibited from pursuing their case at trial. If the defendant can prove you share even one percent of the responsibility for the accident or your resulting injuries, you may not have a chance to present your case in court.

How to Access a Portion of Your Oil Rig Accident Settlement in Advance

Once you know how much your oil rig accident settlement could be worse, you might be hoping to get an advance on this phone, so you can start building your life. When you choose High Rise Financial, we make it simple:

Eligibility Requirements

To qualify for pre-settlement legal funding afternoon oil rig accident, you must meet the following requirements:

• You must be at least 18 years of age
• You need to work with a personal injury or worker’s compensation lawyer
• Your attorney needs to verify the value of your claim and the anticipated payout date

After reviewing your application and speaking with your lawyer, our loan specialists can approve your application and send your oil rig accident pre-settlement funds to your bank within hours.

Contact Our Loan Specialists to Apply for Oil Rig Accident Pre-Settlement Funding Today

Although your oil rig accident settlement may be coming in, you do not have time to wait. It would help if you did not have to struggle financially while your attorney fights to hold the liable party accountable. 

Get an advance on your oil rig accident settlement when you contact High Rise Financial loan specialists for a lawsuit loan. Fill out our online application, complete our convenient contact form, or call our office to discuss the eligibility requirements.

Call or text (877) 735-0016 or fill out our form to apply today for free.