Tag Archives: loss

Estimating Plaintiff(s) Economic Damages in Auto, Motorcycle and Trucking Accidents

Estimating Economic or Money Damages in Personal Injury Claims

s-curve, indiana winding roads, dangerous roads, Indiana country roads, autumn roadsIt’s a beautiful autumn day in Indiana. You and your significant other decide to make a day of it with the family in tow. The picnic lunch has been prepared and carefully packed with everyone’s favorite finger foods. Extra sweatshirts and tennis shoes have been gathered, the children are snuggly belted in their car seats and you’ve hit the road for a day of family fun at your favorite creek-stompin park in southern Indiana—anticipating another family memory to be made. This Norman Rockwell-esque Americana image is picture-perfect. Unfortunately not all well-intentioned plans end in a picture-perfect way.

Recovering Money Damages, Non-Economic Damages and Punitive Damages

In Marion County, Indiana, a collision occurs approximately every 15 minutes. And while you would think most accidents are speed related, it’s been determined that more collisions occur at or near intersections where vehicles cross paths. The objectives of a personal injury attorney are to make their clients financially whole or recover money damages after a collision; to recover financially for non-economic losses; and in certain cases to assign punitive financial damages against a negligent party or parties. This editorial will focus on claimant(s) verifiable economic losses. A motor vehicle accident might be nothing more than a minor property damage claim or it might include life-changing health and emotional problems requiring downtime for recovery . An experienced personal injury attorney may postpone the filing of your claim (within the 2-year Statute of Limitations) until your injuries can be fully diagnosed and the prognosis of your injuries known. When the fog of this life-changing event has cleared, your lawyer will begin the process of estimating your past and future economic damages. Economic compensatory damages are objectively verifiable and factually driven financial losses suffered by the plaintiff(s). They may include but are not limited to the following:

  • Past and future medical expenses including emergency transport services, emergency room, physicians, surgeons, medications, medical devices, therapy and rehabilitation costs;
  • The ability to earn a living based upon a universally acceptable economic model taking such variables into account as work-related promotions, employment perks, lost bonuses, re-training costs, benefits, retirement plans, inflation, economic industry outlook,  and taxation;
  • The costs associated with living life with a disability, including medical devices, construction and vehicle costs linked with plaintiff’s home and transportation needs, and domestic services;
  • Vehicle and personal property damaged or lost as a result of another’s negligence; and
  • Funeral and burial expenses brought in a wrongful death claim.

Personal Injury Attorneys With Experience Recovering Money Damages, Also Known as Economic Damages.

Call Charlie Ward at 317-639-9501If you or someone you know has been injured as a pedestrian, a pedicyclist or in a vehicle accident involving a car, motorcycle, or truck, it’s essential to speak with an experienced personal injury attorney — someone who understands the future implications of your injuries and how your life and the lives of your loved ones may be affected going forward. Cases need time for investigation and strategy development; don’t wait until Indiana’s two-year statute of limitations runs to seek advice. The law firm of Ward & Ward has over 80 years of combined experience in personal injury and wrongful death law. Call Charlie Ward today at 317-639-9501 for a free evaluation of your claim. Ward & Ward receives no legal fees or expenses unless we collect damages on your behalf. Our attorneys are available to speak with you today.

Evaluating Damages for Personal Injury Claims, Part I: Economic Losses

Verifiable Economic Losses of Personal Injury and Wrongful Death Claims

Call Charlie Ward at 317-639-9501

A personal injury lawyer brings a claim against a negligent driver, defendant, who caused an auto, motorcycle or trucking accident, on behalf of his client, plaintiff. The goals of the personal injury attorney are to make his or her client financially whole again, i.e. to recover plaintiff’s past and future monetary losses; to recover for non-economic losses; and in certain cases to assign punitive or exemplary damages to the defendant. This article, Part I will focus on claimant’s economic losses.

A motor vehicle accident can be a life-altering event. Keeping in mind that the Statute of Limitations in Indiana for filing a motor vehicle accident claim is two years, an experienced personal injury attorney may delay filing on his client’s behalf, to allow his client time to mend and make any necessary emotional adjustments, particularly in cases where their client has suffered catastrophic injuries. When the fog of this life-changing event has cleared and plaintiff’s injuries and prognosis become known, plaintiff’s attorney will begin the process of estimating past and future economic losses suffered by his or her client.

Compensatory damages for economic losses are objectively verifiable losses driven by the facts of the case. Plaintiff’s attorney might take some or all of the following economic losses under consideration:

  • Past and future medical and rehabilitative expenses – These include all past and future medical expenses including hospital, doctors, prescriptions, medical devices, physical therapy and costs associated with rehabilitation;
  • Past and future loss of earnings – This category encompasses client’s loss of wages during recovery. And in cases where plaintiff’s injuries will affect his or her ability to earn a living in the future, those earnings will also be calculated using an acceptable economic model that may take promotions, re-training, medical benefits, retirement plans, inflation, economic industry outlook and taxation variables into account—just to name a few;
  • The costs of living with a disability – These may include medical devices, construction and transportation costs associated with adapting plaintiff’s environment for disability(ies) and domestic services;
  • The cost of repairing or replacing property – vehicle and property damaged or lost as a result of defendant’s negligence; and
  • Funeral and burial expenses – costs associated with a wrongful death claim.

If you or someone you know has been injured in a motor vehicle accident, it’s important to speak with an experienced personal injury attorney — someone who understands the future ramifications of your injuries and how they may affect your life going forward — before the statute of limitations runs. The law firm of Ward & Ward has over 80 years of combined experience in personal injury law. Call Charlie Ward today at 317-639-9501 for a free evaluation of your claim. Ward & Ward receives no legal fees or expenses unless we collect damages on your behalf. Our attorneys are available to speak with you.

Charlie Ward

(317) 639-9501

www.wardlawfirm.com