When a person is injured, they may not realize the amount of compensation they may receive. This makes it possible for insurance companies to pay accident victims far less that what is reasonable. The value of a case could be determined by examining a number of factors of a case using decision analysis. The type of accident, insurance involved, property damages, physical as well as emotional damages and more play a role in estimating the value of a case.
These type of damages are intended to compensate a person what they have lost as a result of an accident. The goal is to make an accident victim monetarily whole again. In order to make this happen, a dollar figure may be established that will cover all of the consequences of the accident. There are certain types of damages that are easy to quantify. This could involve reimbursements for medical expenses as well as damage to a person’s property. Things that are hard to quantify are pain and suffering, a limitation for enjoyment, loss experienced by family members as a result of the accident and more.
This may involve medical bills as well as all other costs involved with recovery. This could be everything from walking canes to a special medical bed, home accommodations for permanent disabilities and more. Compensation for this may also involve all future medical care costs.
Loss Of Income
When a person is injured as a result of an accident, it can significantly affect their ability to earn an income. This could involve loss of income from not being able to work as well as the loss of future income. In the legal world, this is known as loss of earning capacity. It can cover a person not being able to work in their chosen profession and changing to a lower earning profession as a result of an accident.
This could involve loss of a vehicle because of damage caused by an accident. A person could receive compensation for clothing, household items from home damage and more. The value of items will be determined using fair market value for everything that was lost.
This is often calculated with a traumatic accident. This is a way an accident victim can be compensated for the psychological effects caused them by an accident. It could involve chronic anxiety as well as loss of sleep, intense fear and more.
Loss Of Consortium
This involves personal injury cases where the victim experiences a loss of the value of the relationship with their spouse. It is harm to a victim’s ability to be intimate within a relationship. In some cases, a court has provided an award directly to the affected family member and not the accident victim.
Pain And Suffering
There are many situations where a person will experience severe pain after an accident and during recovery. This could also involve any long lasting physical impairments. It’s possible for painful treatments to last an extended period of time. People could also experience pain for the remainder of their life from an accident.
Loss Of Enjoyment
There are injuries a person can experience that can impact their ability to enjoy of certain activities. This could involve exercising, dancing, playing a variety of different sports, cooking, and other recreational activities. This is often awarded when a person has made a significant investment of time and money into a sport or hobby over a long period of time.
This is something that can have a negative impact on the value of a case. This is a situation where it is proven a plaintiff had a certain degree of responsibility for the accident occurring. A plaintiff could recover damages based on their percentage of fault. It is still possible for a plaintiff to get a settlement even if it is determined they were 99 percent at fault for an accident.
This is awarded to a plaintiff in addition to their compensatory damages. This is given in situations where the defendant’s actions were extremely outrageous and careless. The goal of this type of damage award is to punish the defendant for their conduct. It is designed to act as a deterrent to others who may engage in similar behavior as the defendant.
This is a method of utilizing probability theory and mathematics to determine a possible jury award. Decision analysis is a good way to consider all of the factors involved in a case. It is designed only to be a guide for determining the value of a case.