Tip #6 – MEDIATION: Items to consider when a structure broker is involved

July 14, 2014

In Tip #5, we talked about pinning down the necessary structure details in multi-party settlements. A structure broker in attendance at a mediation or settlement meeting will ensure those details are dealt with.

Prior to any settlement negotiations you should:

A) Decide whether or not you want the broker to attend the mediation in person, or be available by phone.

B) If you have asked a broker to attend the mediation, make sure you advise all parties. Often, everyone is content to use the broker present as a neutral resource who can provide confidential assistance, such as quotations and illustrative structure printouts, to any party requiring it.

C) When more than one broker is involved in the same case, try to sort out the dual broker issue before the mediation. Two structure brokers showing up at the same mediation requires immediate resolution as to which broker will remain and will ultimately place any structure that may arise from the case.  It is not an ideal way to start a mediation.

D) Do not feel bad about inviting a broker to attend, even if you're not sure the case will settle (or, if it does, that a structure may be required). Brokers can be a valuable resource in helping to get a claim settled and remember, brokers never charge a fee for any services provided.

For more information on things to consider before heading to a mediation or settlement meeting, check out our Pre-mediation checklist.