Escalators and elevators make life so much easier, especially when you’re on the go. But when these systems don’t work properly, people can get seriously hurt or even die. Filing a legal claim could be the right thing to do. Depending on your injuries, it can take months or even years to reach a settlement.

During this time, you might struggle to make ends meet. Pre-settlement funding is a helpful way to get financial support if you’re involved in an elevator or escalator accident lawsuit. It gives you a cash advance to cover your expenses while you wait for a settlement, and you only need to pay it back if you win your case.

Escalator and Elevator Accident Lawsuits

When you step onto an elevator or escalator, property owners and maintenance teams must make sure that elevators and escalators are safe. If they fail in this duty, and you get injured as a result, you have rights that could entitle you to compensation. These accidents fall under premises liability law.

Common Causes

Parts Breakdown: Worn or broken components.
Electrical Failures: Malfunctions in wiring or systems.
Neglected Inspections: Missing required safety checks.
Improper Maintenance: Delayed repairs or lubrication.
Outdated Equipment: Lack of modern safety features.
Faulty Installation: Poor setup leading to hazards.
Substandard Materials: Inferior parts and testing.

Types of Injuries

Fractures and Sprains: From falls or sudden stops.
Lacerations and Contusions: From sharp edges.
Head and Spinal Injuries: Due to falls or impacts.
Crush Injuries: Caused by body parts caught between moving parts or surfaces.
Fatalities: In extreme cases, accidents may be fatal.

Seeking Compensation

If injured due to an escalator or elevator accident, you can seek compensation for:

Medical Expenses: Immediate and ongoing treatment costs.
Lost Wages: Income lost during recovery and future earnings.
Pain and Suffering: Physical and emotional distress.
Punitive Damages: For egregious negligence to deter future misconduct.

It is, however, difficult to go through the legal system, particularly if you are struggling financially and/or with medical bills. Moreover, insurance companies are aware of your situation and will use delay tactics to force you to accept a lower settlement. At this moment, having financial stability can make all the difference.

What is Pre-Settlement Funding for Escalator and Elevator Accidents?

Pre-settlement funding for escalator and elevator accidents is a great financial solution that helps plaintiffs get cash fast while they wait for their legal claims to be resolved. It’s important to note that this isn’t a loan; it’s more like an advance based on what you might get from your settlement. If you win your lawsuit or reach a settlement, the funds are repaid from your awarded amount. But if you don’t win, there’s no need to pay it back.

You can use this money to take care of medical bills, cover living expenses, and handle other costs while you seek justice for your injuries.

What Do Legal Funding Companies Consider When Evaluating Elevator and Escalator Accident Lawsuits?

To secure funding for an elevator or escalator accident, your attorney must demonstrate to the lawsuit loan company that the negligence of the property owner, maintenance team, or manufacturer directly caused your injuries. This process, known as “proving causation,” is crucial to winning your lawsuit and for funding approval.

Having legal counsel is fundamental to obtaining lawsuit funding for your accident case. Your attorney provides evidence to help us assess the strength of your case.

Industry Standards Violations. Our legal funding team checks if the case shows violations of safety standards like those from the American Society of Mechanical Engineers (ASME) or local codes. These standards help prove negligence if they aren’t followed.
Equipment Malfunction. If your injuries were caused by equipment failures, such as sudden stops or mechanical breakdowns, we examine maintenance records and repair histories to understand how these issues contributed to the accident.
Expert Engineering Testimony. Another important factor we consider is testimony from mechanical engineers or safety experts. Testimonies from engineers can confirm how the accident occurred and pinpoint maintenance or design problems.
Injury Documentation. We need all medical documentation that ties the nature of your injuries to the failed equipment. This helps determine how much your case is worth.
Equipment Design and Installation. If the design or installation of the equipment played a role in the accident, we require proof to support this claim.
Witness Testimonies. If available, witness statements provide firsthand accounts of the incident. They help establish a timeline and validate the events as described.

How the Funding Application Process Works

Here’s a quick breakdown of the steps involved:

Apply Online. Start by applying for a lawsuit advance with a reputable pre-settlement funding company, like Baker Street Funding. We will ask for basic information about your case and the contact details of your attorney.
Attorney Collaboration. Our funding team will then speak with your attorney and look at the merits of your case and the expected settlement or judgment amount. This review process is quick, with decisions often made within 1- 2 days.
Funding Agreement. If your application is approved, you’ll receive a pre-settlement legal funding agreement outlining the terms of the advance. This includes the amount you’ll receive and the repayment conditions.
Receiving Funds. Once you and your attorney sign the funding agreement, your lawsuit loan is typically disbursed within hours.

Important: Repayment of your loan with Baker Street Funding is contingent upon the settlement of your case. If you win or settle the case, your lawyer pays the repayment amount, which includes the principal and a funding fee, from the settlement amount. If you don’t win your case, remember, you owe nothing back due to the non-recourse nature of the loan.

Ready to Obtain Legal Financing for Your Accident?

If you’re dealing with an escalator or elevator accident lawsuit, you might be finding yourself in a tough spot, both financially and emotionally. Still, it’s important to know you aren’t alone, and there are resources available to you, such as pre-settlement funding, which can be incredibly beneficial. This financial solution helps ease some of the pressures you face during a difficult legal process, allowing you to concentrate on your recovery while you await the resolution of your claim.

At Baker Street Funding, we provide quick pre-settlement funding solutions designed with your needs in mind. A dedicated funding specialist will guide you, offering expert advice tailored to your situation. Apply for a lawsuit cash advance today and start moving towards a brighter financial future Our rates are competitive, and start at 2.95% monthly, capped at 3 years.