Communicated Content- There is a lot of information out there when it comes to understanding economic damages and what you are entitled to. There has been some confusion between economic, non-economic and punitive damages, so take some time to read through the differences to understand what they mean. There are many different factors and cases to consider if someone wants to pursue litigation in order to receive compensation for economic damages. Below, we’ve broken down some definitions and examples of the differences between these types of legal matters.
Economic damages
The basic definition of economic damages refers to compensation for incidents that could affect you financially, such as an expensive cost for a repair, or replacement or due to the loss of use of a property. Other incidents could be due to medical issues or expenses or issues of loss of work, business opportunities or earnings.
Non-economic damages
A non-economic damage refers to litigation that has to do with non-monetary losses that affect people in significant ways. These include reasons like incidents that led to someone’s pain, suffering and emotional distress. These cases are difficult, but they include a monetary compensation that aims to ease your suffering. It can also include other reasons like inconvenience, loss of companionship and community and an overall loss in their enjoyment for life.
Punitive damages
Punitive damages are assessed for the purpose of punishing a defendant for a harmful incident. These damages act as an example to deter any outrageous behaviour from a defendant that is harmfully intentional or reckless and not for compensating a loss.
For example, right now several counties across the country dig in on the opioid litigations to try to make up for all the damages caused from the opioid crisis. Many families and communities have been devastated by this, and are now looking for compensation to put back into the health care facilities, community centers and prevention programs. There is no true price that can ever repay the reckless wave of irresponsibility and lack of empathy from the pharmaceutical companies and doctors that fuelled the opioid epidemic.
There are also cases like NYCLU suing for the release of medically vulnerable Sullivan Country Jail inmates. People have many different and important reasons to pursue litigation, and it’s not something to be taken lightly. In case you ever find yourself in some kind of incident, you’ll want to seek out an entrusted company like The Knowles Group that has experience in a variety of cases. Your team can support you and stand up for you by helping you understand your economic damages and what you have access to. Litigation support services can help you figure out if the incident that happened to you gives you access for compensation for what you lost.
They can assess the earnings potential from a range of trusted expert options and various data sources. They look at the details of your life before and after the incident to help determine what you should get. Every person’s story is different and no details are the same, so it takes reliable, responsible and trusted professionals to help stand up for you by accurately calculating economic damages that you deserve.
