• Aug
    28
    Posted in:
    Posted by: Jarve Kaplan Granato Starr

    Economic VS Non-Economic Damages

    Filing and winning a personal injury lawsuit is about more than hearing a jury say that the defendant is guilty. It is about winning compensation for the damages suffered by the plaintiff. In some cases, monetary compensation can satisfy the wrong that has been done – property damage can be repaired, lost items can be replaced. In other cases, no amount of money provided can adequately address the full impact of what has happened, but it is the only redress that our civil legal system has.

    If you are considering filing a personal injury lawsuit, it’s important for you to understand the difference between economic and non-economic damages.

    Economic damages are a dollar-for-dollar repayment of the costs incurred by the victim.  Past damages are relatively straightforward and easy to add up, as they are based on actual invoices and documents. In many cases, economic damages will also include the estimated amount that the plaintiff can be expected to incur in the future. Examples of economic damages include hospital bills and medication, physical therapy or rehabilitation, nursing home care, property repair such as that needed to repair or replace assets, lost wages resulting from the damage incurred, and future economic losses such as the costs of expected treatment or lost earning capacity.

    Non-economic damages are not as easily calculated because they do not have a straightforward method of valuation. Because non-economic damages are often viewed as an emotional issue, some states place limits on the amount that can be assessed for them. The most common types of non-economic damages include physical pain and suffering that have resulted from the damage, including what’s felt at the time of the incident and proceeding forward from that point. Emotional pain is also addressed, as many victims of personal injuries suffer trauma, anxiety, depression, insomnia, and grief. Those who have lost a spouse or whose partner is so impacted by an incident that they are no longer the same can file for compensation for non-economic damage known as loss of consortium; those who are disfigured or disabled as a result of an injury can also claim non-economic damages for the permanent damage to their daily life, both physically and emotionally; and those who have been damaged so badly that they can no longer enjoy the things that they once did can file a claim for the loss of enjoyment of life. Putting a price tag on any of these losses is extremely challenging.

    If you or someone you love has suffered as a result of a personal injury, we can help you get the compensation that you need and deserve. Contact us today to learn more.

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