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Economic Losses And Compensation

Economic Losses and Compensation

In order to receive compensation, it is necessary for an incident victim to have suffered some form of losses. Such losses are referred to as damages. Therefore, it is not possible to bring about a personal injury case based on what could have happened. There are basically three categories of damages possible in personal injury claims. These are:

  1. Economic losses
  2. Non-economic damages, and
  3. Punitive damages

Economic Losses and Compensation

Compensation linked to economic losses may include any money lost by the victim as a result of the incident. For example, property damage, medical care and earnings. However, a victim that suffers a personal injury in Florida they also recovered rental payments for a vehicle. This applies when the victim must use another vehicle if theirs is damaged. This is important in order for the victim to get to a doctor and the courthouse in a compensation claim. A loss of earnings is a compensable loss that can come about from missing work because of an accident. An individual may miss work during recovery or going on doctors’ visits. Loss of earnings is usually a large percentage of the average amount that the person earns in a week/month.

Other economic damages may include the following:

  • Household services – these refer to your household duties the person cannot perform depending on their injury. Search household services can be cleaning the house, buying groceries, mowing the lawn, etc.
  • The potential earnings current and future – if the ability to earn money through a job is permanently affected the victim may collect damages. This is applicable in cases where the victim faces disability or must get a new job from a different industry.
  • Direct losses – this may involve losing a loan, bills and other normal items the victim cannot pay due to the accident and recovery.

For legal advice and representation in a personal injury claim contact the Vinson Law Office today.

 

 

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