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What Are Economic Damages?

In a personal injury case, the amount of money recovered by the injured party is called “damages.”  There are two primary categories of damages: (1) economic damages and (2) non-economic damages. This article discusses economic damages (sometimes referred to as “specific” damages).

Economic damages are measurable out-of-pocket losses that can be reimbursed. Economic damages tend to be verifiable and less subjective. Common examples of economic damages are:

  • Lost wages
  • Medical expenses
  • Out-of-pocket expenses
  • Co-Pays
  • Deductibles
  • Future wage loss
  • Loss of future earning capacity

Proving economic damages for past expenses can be accomplished with receipts, invoices, and bills.  Proving economic damages for future expenses is commonly accomplished with the assistance of experts.  Attorneys hire experts to provide a calculation of future expenses that can include medical, future wages, or even the loss in the ability to earn.

The issue of “caps” is consistently raised in discussions of damages. Caps on damages are where the legislature (state law) writes a law that places a ceiling on the maximum amount of damages someone can recover.

In Colorado, there is no cap on economic damages.

If you have been injured, the attorneys at Burnham Law would be honored to help.  Burnham Law has a client-centered personal injury division where we commit to obtaining justice for the injured. Going up against large insurance companies and large retailers is intimidating

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