When an individual suffers personal injury or financial loss as the result of the negligence or willful misconduct of someone else, then a court will sometimes award the injured party compensatory damages. These damages compensate the injured party for their loss.
A court hopes to make an injured individual financially whole by awarding compensatory damages. Punitive damages are sometimes awarded in conjunction with compensatory damages, but punitive damages are intended to punish the wrongdoer or to deter the wrongdoer from committing the same act in the future.
What Courts Consider When Calculating Compensatory Damages
Compensatory damages are often calculated to compensate people who have suffered financial loss during contract disputes. Financial records, invoices, and purchase orders will help the court determine how much to award the injured party.
If an injured party lost specific items, then the court will need documentary evidence to determine the fair market value of the lost property. The replacement value needs to be determined as well so the court can calculate compensatory damages.
The court will add up the total cost of replacing the lost or damaged property. Next, the court will add the attorneys’ fees, filing fees, and postage fees you paid to assert your contract claim. You will also be permitted to ask the court to add lost wages and lost future earnings as part of your total compensatory damages amount.
It is important to remember that compensatory damages compensate the injured party for the injuries they suffered. Compensatory damages may also include costs of medical treatment and rehabilitation.
An injured party may not be able to work in their chosen profession due to the injuries they suffered. This may also be a factor the court considers when calculating compensatory damages.
If an injured party suffered an additional loss that affects their quality of life, then these losses may also be considered by the court when compensatory damages are calculated.
Compensatory damages may also be reduced if the injured party contributed to his or her own injuries.
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At Krause & Kinsman, we are committed to helping accident victims obtain as much compensation as possible. To schedule your free consultation with an attorney, call our office today or contact us online.
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Do I need a lawyer to file a claim?
No, but it’s highly advisable to retain a lawyer after any injury-causing accident.
How much does a personal injury attorney cost?
Personal injury attorneys usually work on contingency, which means that they will receive a percentage of any award or settlement you recover.
How long will my case take?
Personal injury cases can take anywhere from a few months to more than a year to conclude.