What is Economic Damages?
Compensation for financial losses that can be calculated with specificity, including medical bills, lost wages, property damage, and future expenses.
Understanding Economic Damages
Economic damages are objective and verifiable through documentation. They include past and future medical expenses, lost earnings and earning capacity, property damage, and out-of-pocket costs. Expert testimony may be needed to calculate future damages.
Examples
- 1Hospital bills and ongoing treatment costs
- 2Lost wages during recovery period
- 3Cost to repair or replace damaged vehicle
Related Terms
Loss of Consortium
A claim by the spouse or family member of an injured person for the loss of companionship, affection, comfort, and sexual relations resulting from the injury.
Punitive Damages
Additional damages awarded beyond compensatory damages to punish the defendant for particularly egregious conduct and deter similar behavior in the future.
Diminished Value
The reduction in a vehicle's market value after it has been damaged in an accident and repaired, compared to a similar vehicle that was never damaged.
Pain and Suffering
A category of non-economic damages compensating injury victims for physical pain, emotional distress, and diminished quality of life caused by their injuries.
Future Medical Expenses
The projected cost of medical treatment, therapy, medication, and care that an injured person will need in the future as a result of their injuries.
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