What are economic damages?

Economic damages refer to the losses an individual may suffer from an accident. In Colorado, economic damages are generally awarded if the person suffering from the accident is found to be eligible for compensation. They are intended to reimburse an individual for the financial losses suffered due to the accident and can include both past and future losses. Examples of economic damages include medical expenses, lost wages, and diminished earning potential. Medical expenses include any cost related to medical care that was necessary as a result of the accident. Lost wages account for income that was lost due to being unable to work as a result of the accident. Diminished earning potential accounts for any loss of future earnings because of a disability or inability to return to the same level of employment. In Colorado, economic damages are usually awarded as part of a personal injury claim and are awarded to the plaintiff as compensation for the financial losses suffered as a result of the accident. The amount of damages awarded depends on the specifics of the case and is determined by a judge or jury. Economic damages are intended to offset the financial losses incurred and allow an individual to get back on their feet after suffering from an accident.

Related FAQs

Can I recover punitive damages in a personal injury claim?
How long does it take to settle a personal injury case?
How much do personal injury lawyers charge?
What types of evidence are admitted in a personal injury trial?
What should I do if I am contacted by the other party’s insurance company?
What is the difference between compensatory and monetary damages?
What rights do I have if I am injured in an accident?
What types of damages are available in a personal injury claim?
What do I need to do to file a personal injury claim?
What if the other party doesn’t have enough insurance?

What are economic damages?

Related FAQs

Related Blog Posts