What are the difference Between Economic and Non Economic Damages?

economic damages

All accident settlement payouts are applied according to the claims for which they are intended. While a claim is often settled for the maximum amount of insurance coverage that is well short of the total claimant damages, other claims can be paid in full and be designated for specific elements of the filing. Those financial amounts are typically listed as economic and non-economic with distinct amounts addressed in the final settlement agreement. The distinctions generally do not make much difference in relatively simple claim situations, but there are complicated cases where the amount paid for certain components of the claim can matter, such as in an accident injury claim for an individual who is getting a divorce or when there are other avenues of financial compensation available from multiple negligent parties. The breakdown is typically discussed with your Charleston WV personal injury attorneys when the settlement is transferred.

Economic Damages

Economic damages are financial liability payments that can be calculated based on definitive amounts. Those compensatory or “special” damages are typically reimbursement for actual losses and can include payment for:

  • Medical treatment bills (physicians-hospitals-rehabilitation)
  • Lost wages until returning to work
  • Property damages
  • Extra expenses associated with the accident

Non-Economic Damages

While non-economic damage allotments are not for designated amounts that can be determined by bills and acceptable property values, they can still amount to a significant amount of money. Actually, non-economic damages are often what makes an injured claimant financially whole following an accident injury. Compensation for non-economic claims can include:

  • Pain and suffering
  • Loss of consortium
  • Psychology damage
  • Punitive damages when they are awarded

Contact Freeman & Chiartas Charleston WV Personal Injury Attorneys

Fair compensation for non-economic damages is usually only properly agreed upon when you have solid legal representation. Always call Freeman & Chiartas personal injury Charleston WV legal professionals. The attorney you choose can make a major difference.