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Economic damages refer to the quantifiable and documentable expenses that can be calculated such as loss of profits, loss of wages and earnings, and past and future medical expenses. Economic damages are all the losses that you have suffered out of your pocket or out of your future.
Economic damages are those quantifiable, documentable expenses, the value of which does not change when being submitted to jury evaluation. There is a wide array of economic damages. Also, damages vary from case to case.
Examples of economic damages are:
Past and future expenses. These are expenses of necessary medical care, hospitalization, and treatment.
Medical expenses. Monetary losses, bills that arise out of the injuries caused by the accident.
Future medical expenses. Health care expenses determined when you can adequately prove, usually through an expert's testimony, that you will need further medical care.
Past and future loss of income and lost earning capacity. Lost earning capacity can be recovered when you prove, also through expert testimony, that your ability to earn money has been impaired or reduced by the injuries. These type of damages can be evaluated.
The reasonable value of household services. Household services incorporate the costs needed to hire somebody to do things around the house, while the injured person is recuperating.
Vocational rehabilitation. This assessment can help you prove to a judge or jury what your damages are if you cannot return to the same work you had before being injured.
Property damages. Property damage claims involve damage to one’s property as opposed to one’s person.