Economic damages, or “specific” damages, compensate the injured victim or “plaintiff” for his or her measurable and actual losses. Economic damages include:
- Lost earnings;
- Compensation for medical expenses, past or future;
- Lost business opportunities as a result of the injuries suffered;
- Costs associated with repairing or replacing damaged property, such as a vehicle.
Medical expenses comprise the bulk of damages in a car accident, slip and fall, boating accident or personal injury case. These kinds of expenses include hospital bills, therapy costs for emotional/mental issues brought on by the injury, cost of medications, ambulance bills, and other relevant charges.
Calculating Economic Damages
The key to economic damages is that they must be measurable. Courts, juries and insurance companies determine economic damages by compiling the amounts documented on pharmacy receipts, hospital invoices, and other various medical bills. If the insurance company has not compensated you for your damaged vehicle, the cost of repairing or replacing your vehicle is also included in this category. It is fairly easy to determine these categories of economic damages.
When An Expert Witness Is Required
There are some economic damages that, while measurable, need to be determined and explained by expert witnesses.
For example, an expert witness is always required in a malpractice case to prove liability or fault. An expert witness in the medical field will almost always be needed in order to testify that the at-fault physician did not follow the proper standard of care. A good medical expert witness can explain complex concepts so a jury can understand what occurred.
In a wrongful death case, the plaintiff/victim usually needs an expert witness, such as an accountant, to attest to what the victim’s future earnings might have been had he or she lived.
If you or a loved one has suffered economic damages because of the negligence of another person, let the attorneys at Dennis and King help you maximize your economic damages from a car wreck or personal injury.
Remember: “Call Dennis and King; We take care of everything.”