Estimating Economic or Money Damages in Personal Injury Claims
It’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.
If 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.