{"id":7733,"date":"2020-06-23T10:00:25","date_gmt":"2020-06-23T10:00:25","guid":{"rendered":"https:\/\/www.robertkreisman.com\/injury-lawyer\/?p=7733"},"modified":"2020-06-22T22:16:13","modified_gmt":"2020-06-22T22:16:13","slug":"1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation","status":"publish","type":"post","link":"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/","title":{"rendered":"$1 Million Settlement, But No Recovery as Insurer is Placed in Liquidation"},"content":{"rendered":"<p>James Richardson was seriously injured in an auto crash at 53<sup>rd<\/sup> Street and Western Avenue in Chicago, which resulted in a settlement for $1 million against <a href=\"http:\/\/www.nightdreaminc.com\/\">Night Dream Inc.<\/a> and Shaun T. Small. However, their Nevada-based insurer, <a href=\"http:\/\/spiritinsure.com\/\">Spirit Commercial Auto RRG Inc.<\/a>, was placed in liquidation before it funded the $1 million settlement amount. Because Spirit was a \u201crisk retention group, (RRG),\u201d Richardson couldn\u2019t collect from the insurance guaranty funds in Nevada or Illinois.<\/p>\n<p>He asked for a $1 million judgment against Dream and Small based on the portion of the <a href=\"http:\/\/www.ilga.gov\/legislation\/ilcs\/ilcs4.asp?ActID=2017&amp;ChapterID=56&amp;SeqStart=22050000&amp;SeqEnd=22150000#:~:text=2%2D2301.,Settlement%20of%20claims%3B%20payment.&amp;text=(b)%20In%20a%20personal%20injury,court%20order%20approving%20the%20settlement.\">Illinois Code of Civil Procedure, Section 2-2301<\/a>, aimed at insurance companies that slow walk settlement payments.<\/p>\n<p>Richardson requested the judgment more than 30 days after he submitted an executed release and all other documents required by Section 2-2301. Subsection (d) says: \u201cA settling defendant shall pay all sums due to the plaintiff within 30 days of tender by the plaintiff of the executed release and all applicable documents in compliance with subsections (a), (b), and (c) of this Section.\u201d<\/p>\n<p> <a href=\"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/#more-7733\" class=\"more-link\">Continue reading<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>James Richardson was seriously injured in an auto crash at 53rd Street and Western Avenue in Chicago, which resulted in a settlement for $1 million against Night Dream Inc. and Shaun T. Small. However, their Nevada-based insurer, Spirit Commercial Auto RRG Inc., was placed in liquidation before it funded the $1 million settlement amount. Because [&hellip;]<\/p>\n","protected":false},"author":795,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[22,19,56],"tags":[],"class_list":["post-7733","post","type-post","status-publish","format-standard","hentry","category-illinois-civil-procedure","category-insurance-claims","category-personal-injury"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$1 Million Settlement, But No Recovery as Insurer is Placed in Liquidation &#8212; Chicago Injury Lawyer Blog<\/title>\n<meta name=\"description\" content=\"James Richardson was seriously injured in an auto crash at 53rd Street and Western Avenue in Chicago, which resulted in a settlement for $1 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"$1 Million Settlement, But No Recovery as Insurer is Placed in Liquidation &#8212; 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Chicago Injury Lawyer Blog","twitter_description":"James Richardson was seriously injured in an auto crash at 53rd Street and Western Avenue in Chicago, which resulted in a settlement for $1 million","twitter_misc":{"Written by":"Robert Kreisman","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/#article","isPartOf":{"@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/"},"author":{"name":"Robert Kreisman","@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/#\/schema\/person\/5e5596abf7be77fdabc788f0a78f042b"},"headline":"$1 Million Settlement, But No Recovery as Insurer is Placed in Liquidation","datePublished":"2020-06-23T10:00:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/"},"wordCount":1175,"articleSection":["Illinois Civil Procedure","Insurance Claims","Personal Injury"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/","url":"https:\/\/www.robertkreisman.com\/injury-lawyer\/1-million-settlement-but-no-recovery-as-insurer-is-placed-in-liquidation\/","name":"$1 Million Settlement, But No Recovery as Insurer is Placed in Liquidation &#8212; 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