No amount of money may make up for the fact that a negligent individual made you the victim of a personal injury accident. Though, it is still worth fighting for some sort of financial compensation so that you may cover the economic damages and non-economic damages that you incurred. Read on to discover the difference between the two and how a seasoned Leonardtown personal injury lawyer at The Dorsey Law Firm can work on your behalf in recovering them.
What are examples of economic damages?
As the name suggests, economic damages refer to the monetary losses you experienced and anticipate experiencing as a direct result of your personal injury accident. Examples include, but may not be limited to, the following:
- The cost of your current lost wages.
- The cost of your future earning capacity.
- The cost of your current and future medical needs.
- The cost of your current and future mental health treatments.
- The cost of the repairs to your property.
- The loss of the use of your property.
What are examples of non-economic damages?
On the other hand, non-economic damages are known as the non-pecuniary harms that your personal injury accident inflicted on you. Examples include, but may not be limited to, the following:
- Your physical pain and suffering.
- Your physical scarring and disfigurement.
- Your mental anguish and trauma.
- Your emotional distress.
- Your loss of society.
- Your loss of quality of life.
Can I recover both economic and non-economic damages?
The short answer is, yes, you may seek both types of damages in your personal injury lawsuit. Though, in the state of Maryland, there is a statutory cap limit for the amount of financial compensation you may claim for your non-economic damages. As of 2023, these caps are as follows:
- The general cap for non-economic damages in a personal injury claim is $935,000.
- The cap for non-economic damages in a wrongful death claim with multiple claimants is $1,402,500.
- The cap for non-economic damages in a wrongful death claim with a survival action is $2,337,500.
In the first place, calculating the amount of financial compensation to seek for your non-economic damages may pose a difficulty. This is because this type of damage is subjective with no concrete dollar value assigned to it.
Rest assured, this may be made doable with the services of a damages expert witness. For example, a medical expert, a mental health expert, or otherwise an expert of a certain field may testify in your claim proceedings and offer their opinion on the weight of your non-economic damages.
The bottom line is that, if you require financial compensation to heal after your accident, then you need a competent Leonardtown personal injury lawyer in your corner. Call or send a message to The Dorsey Law Firm today. We look forward to hearing from you.
