Economic Damages

If another party causes an accident or injury, personal injury laws hold the party liable for the damages they cause. The injured victim can seek compensation for their damages by filing an insurance claim. 

The law permits victims to recover compensation for their pecuniary damages. These damages represent the financial losses and expenses the victim incurs because of the accident and their injuries. A Hamilton personal injury lawyer can help you seek compensation for monetary losses from the party who caused your injuries.

Examples of Pecuniary Damages for a Hamilton Personal Injury Case 

Examples of Economic Damages for a Hamilton Personal Injury Case 

The types of pecuniary damages you could receive for a personal injury case depend on the facts and circumstances of your case. 

Examples of pecuniary damages in personal injury cases include, but are not limited to:

  • Medical bills and expenses
  • Rehabilitative therapy, including occupational and physical therapy
  • Property damage
  • Nursing and/or personal care 
  • Lost wages and benefits
  • Out-of-pocket expenses
  • Diminished earning capacity 

You can receive reimbursement for past and current pecuniary losses. However, you can also receive compensation for future pecuniary damages if you sustain a disability or impairment that results in future losses. 

How Much Are My Pecuniary Damages Worth?

Pecuniary damages equal the actual monetary cost of the expense or financial loss. In many cases, pecuniary damages are straightforward to calculate. You add the totals of all financial losses.

However, if you sustained a permanent impairment or disability, calculating the value of future pecuniary damages can be challenging. 

For example, an injury might result in a disability that prevents you from returning to work. In that case, you could claim future lost wages. However, it is not as simple as multiplying your annual income by the number of years until your retirement.

Future lost wages may include the loss of opportunities to increase your income through promotions. It may also include raises for the cost of living. 

Ongoing care could include long-term nursing and personal care. It may also include medical treatments and medications you might need for the rest of your life. 

Personal injury lawyers work with medical specialists, financial professionals, and other expert witnesses to estimate future damages accurately to maximize your recovery. An experienced lawyer will also analyze all factors that could impact the value of pecuniary damages to ensure you are fully compensated for all past and future pecuniary damages. 

How Does Comparative Fault Impact the Value of Pecuniary Damages in Hamilton, Ontario?

Comparative fault apportions damages when more than one party is responsible for causing an accident or personal injury. Multiple at-fault parties can share liability for damages. However, an injured party could also be partially to blame for their injuries.

Examples of situations where an injured party could share fault for their injuries include:

  • A bicyclist is riding while intoxicated when a car hits them as they try to make a turn.
  • A shopper ignores warnings that a bathroom is out of service and falls because of damaged flooring in the facilities. 
  • A driver is texting and driving when another vehicle fails to yield the right of way and turns in front of them.

The court determines whether the injured party is partially to blame for causing their injuries. The amount of compensation recoverable is then reduced by the percentage of fault.

If you are found to be 30% at fault for causing the accident, your compensation is reduced by 30 percent. However, if a judge cannot determine the percentage of fault, the law states each party shares liability equally. Therefore, you would be assigned 50% of the blame for causing your injuries. 

What Is the Statute of Limitations for Pecuniary Damages in Hamilton, Ontario?

The Ontario statute of limitations sets the deadline for filing personal injury cases. Generally, most personal injury cases have a two-year deadline for filing a lawsuit. If you file your lawsuit after the deadline, the court can dismiss your case, making it impossible for you to recover damages. 

Schedule a Free Consultation With Our Hamilton Personal Injury Lawyers 

The financial losses caused by an accident or personal injury can be overwhelming. Our Hamilton personal injury attorneys at Findlay Personal Injury Lawyers work to get you the maximum value for your damages. Contact our law firm today at (905) 522-9799 to schedule a free case evaluation to discuss how we can help you with your case.