What is the difference between actual and potential damages?

Actual damages, also known as compensatory damages, are sought to compensate an injured person for a monetary loss. This might include medical expenses, lost wages, and other costs related to the injury. Potential damages are those that are not necessarily incurred yet, but may be in the future. These include pain and suffering, and other costs associated with long-term consequences of the injury. In North Carolina, there are statutes of limitations on filing a lawsuit for personal injury. Therefore, it is important to understand the difference between actual and potential damages. The defendant must have had knowledge at the time of the injury for there to be grounds for a lawsuit. If the defendant had knowledge of the potential damages, the plaintiff may also have a claim for these. In a catastrophic injury case, the plaintiff must be able to demonstrate that the defendant is liable for the monetary losses already incurred and those that may arise in the future. Potential damages can be difficult to quantify, but the jury can consider the long-term medical needs of the plaintiff and any future earning capacity that may be lost. It is essential for a plaintiff to have a thorough understanding of actual and potential damages when filing a catastrophic injury lawsuit. Working with an experienced attorney can help ensure that the plaintiff is fairly compensated for the losses incurred.

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What is the difference between actual and potential damages?

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