What are the Types of Compensaton?
Different Kinds of Compensation in Defective Product Claims
Compensation in a product liability claim refers to reimbursements for damages suffered. This can include reimbursement for both economic and non-economic losses. Although compensation amounts include damages for various types of losses, ultimately, all are quantified monetarily.
You may be entitled to two types of compensation in a product liability claim: compensatory damages and punitive damages.
Compensatory damages are awarded as reimbursements for financial as well as non-financial losses suffered. Financial losses include those that are calculated precisely, like medical bills and lost wages, as well as economic losses that cannot be definitely calculated, like potential earnings.
Compensatory damages for medical expenses can include hospital bills, cost of medications, cost of physiotherapy sessions etc. Compensatory damages can also include lost wages and potential earnings lost as a result of an injury. Economic damages include the cost of modifying one's lifestyle to accommodate disabilities or illness caused by an injury. Repairs and damages to property may also be included.
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Pain and Suffering
Compensatory damages for pain, anguish, and trauma suffered as a result of an injury can be more difficult to calculate because such things are intangible economic losses. Placing a value on human suffering can seem extreme, but these are some of the most frequently awarded non-economic compensatory damages claims. In representing clients, lawyers often take into account previous award precedents while determining claims for pain and suffering.
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Loss of Consortium
Loss of consortium is legalese for the loss of or impact on spousal relations as a result of an injury. It can include loss of sexual relations, as well as loss of emotional support, affection, and companionship. Claims for loss of consortium can be brought not only by the plaintiff, but also by the spouse.
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Unlike compensatory damages, which are awarded to reimburse the plaintiff for losses, punitive damages are awarded to punish the defendant for wrongful conduct. The severity of the punishment or the amount of the punitive damages awarded depends on the seriousness of the defendant's negligence and economic clout. Punitive damages often require proving that the action of the defendant was malicious or reckless, resulting in injury.
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Take this opportunity to learn more about the types of compensation you may be entitled to receive in your product liability claim. Contact a defective product lawyer at Arnold & Itkin LLP today.