What is the difference between actual and potential damages?

Actual damages are the economic losses that an injured person can document as a result of a catastrophic injury. These can include medical bills, future medical expenses, lost wages, and loss of earning capacity. Potential damages are damages that an injured person may be entitled to, but which cannot be definitively determined until after the case has been concluded. This includes damages for physical pain and suffering, emotional distress, and disability or disfigurement. In New York, the courts can award damages for both types of damages, though actual damages are much easier to document. When a person is catastrophically injured, the economic losses they face can have a lasting impact. As such, it is important for those injured to understand the difference between actual and potential damages. Actual damages, which can include lost wages and medical expenses, can be verified through documents such as medical bills and pay stubs. Potential damages, on the other hand, are more difficult to calculate and may take into account things such as physical pain and emotional suffering, which can be more subjective. Ultimately, both actual and potential damages are important components of a catastrophic injury claim. By understanding the difference between the two, injured parties can ensure they receive the full amount of compensation they are entitled to.

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What is the difference between actual and potential damages?

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