KNOW THE DIFFERENCE BETWEEN PECUNIARY AND NON-PECUNIARY LOSSES

There are two types of damages that are suffered due to injuries in an accident: pecuniary and non-pecuniary losses. Both of these will be discussed in this article, since they are quite important when settling the compensation that the insurance company has to pay for a victim’s injuries.

WHAT IS THE PURPOSE OF COMPENSATORY DAMAGES?

The purpose of compensatory damages is to pay back an individual for his or her harms and losses. In a lawsuit, victims of injuries caused by an accident have the right to pursue compensation for any physical, psychological, and, of course, financial damages following an accident.

Some of the expenses that compensation may include are:

• Charges related to medical treatment
• Feelings of suffering
• Expenses related to lost income
• Damages to an individual’s private property

There are several other compensations that a victim of injuries during an accident may pursue, such as the expenses of future medical treatment (hospitalization, surgeries…), compensation for a reduced quality of life, and, obviously, compensation in the case of permanent impairment (injuries such as permanent disability and permanent brain trauma or spinal cord damage).

Some injuries are economic and some are psychological.

PECUNIARY LOSSES

Pecuniary losses are of financial nature. In a personal injury scenario, pecuniary losses pertain to damages that can be quantified in money.Economic damages are another term for pecuniary losses.

Some examples of pecuniary losses were shown above, such as compensation for the expenses of medical treatment, but there are others such as emergency room and ambulance bills, lost wages (very important), and, in the case of automotive accidents, car repair expenses.

NON-PECUNIARY LOSSES

If pecuniary losses are related to economic damages, then non-pecuniary losses are exactly the contrary. Non-pecuniary losses are not essentially financial. Although they are not economic, they still have impacts on the victim’s lifestyle.

Given these definitions, pecuniary losses are quantitative, while non-pecuniary losses are qualitative or categorical (borrowing some statistical terms). Using a different vocabulary, pecuniary losses are objective, while non-pecuniary losses are subjective.

Both types of damages must be had in mind when settling the compensation with the insurance company. Given how insurance companies will do what they can to defend their interests and endeavor to pay the lowest possible compensation, having the aid of a personal injury lawyer is the best thing to do.

So, where does one find a good personal injury lawyer?

THE ADVANTAGES OF HIRING US TO SETTLE YOUR PERSONAL INJURY CLAIM

If you are looking for a good injury lawyer in Alberta, then we are here to help you. We are expert attorneys with high courtroom experience and vast knowledge about the legal system.Also, we are part of a firm with more than five decades of experience in a wide range of personal injury cases.

We know how to deal with insurance companies to pursue the compensation that you need: compensation for all the objective and subjective damages you suffered due to the sustained injuries during the accident.Contact us now at 1-800-276-0973 for more information about our fees, services, and for a free case evaluation.

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