When someone is injured due to another’s negligence, compensation typically takes the form of economic and non-economic damages. Economic damages cover things such as medical bills, lost wages and other financial costs while non-economic damages provide compensation for emotional pain caused by their injury or loss. Both types are essential in helping families cope after tragedy strikes.
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What Are Economic Damages in Injury Cases?
Definition and Purpose
Economic damages refer to actual financial losses a person incurs as the result of being injured, which are verifiable through bills, receipts or financial documents. Their primary function is to compensate injured parties for money they’ve spent or lost; courts award these damages so victims aren’t left bearing the financial burden associated with an incident they did not cause themselves.
Common Examples of Economic Damages
Injury victims can make claims for economic damages related to an injury in many forms, including medical bills such as hospital stays, surgeries, doctor visits, medications and physical therapy costs; lost wages cover any income an injured party misses while recovering; in cases involving car accidents where property damage occurred courts may award compensation for loss of future earning capacity and in cases like property damages are included which will cover repairs or replacement expenses; all these damages can be supported with financial documents.
How Economic Damages Are Calculated
Calculating economic damages requires reviewing documents like medical bills, employment records and tax returns as well as consulting financial experts to estimate long-term expenses. Professionals might create a life care plan which anticipates future medical costs as well as economic forecasting to predict how much income might be lost if someone can no longer return to work – courts then aim for fair settlements which help injured parties recover financial stability after an incident has taken place.
What Are Non-Economic Damages in Injury Cases?
Definition and Role in Legal Claims
Non-economic damage compensates victims for losses that do not have an immediate financial value, such as emotional and psychological effects caused by injuries. Courts award non-economic damages to recognize emotional suffering, stress and overall impact suffered by victims; though they don’t come in the form of bills or receipts they still help victims find justice and closure.
Common Types of Non-Economic Damages
Several types of non-economic damages are commonly awarded in injury cases. Pain and suffering are one of the most recognized, compensating victims for physical discomfort. Victims may also claim emotional distress for anxiety, depression, or trauma resulting from the injury. In cases involving severe injuries or wrongful death, family members may seek compensation for loss of companionship or consortium. Additionally, victims may be awarded damages for loss of enjoyment of life if their injuries prevent them from participating in hobbies or activities they once loved.
Calculating Non-Economic Damages
Courts consider factors such as the severity of an injury, testimony from witnesses, lifestyle effects and other considerations when calculating non-economic damages. One approach is the multiplier method; here, courts multiply economic damages by a number which represents its severity; another option is assigning daily values for suffering until recovery occurs; these approaches serve only as guidelines; final amounts typically depend on jury’s decisions and case details.
Conclusion
Economic damages cover expenses such as medical bills, lost wages and funeral costs when someone is hurt due to negligence; non-economic damages recognize emotional pain and companion loss that cannot be easily quantified; both types should be taken into consideration when filing personal injury or wrongful death claims to ensure full compensation is awarded for both types of losses.
Bronx Injury Lawyers, P.C. can be the guide you need if you’re dealing with an unfortunate loss. Our lawyers will ensure every aspect is taken into consideration while fighting to secure what is owed to you based on law. Contact us now and schedule your consultation to receive legal support in protecting your rights and finding a path forward.