How Compensation is Determined
On another page, I discussed the types of damages and how you might get compensation for them. But on that page, I talked about how sometimes determining compensation isn’t a straightforward ordeal. There are a few different factors that can alter compensation and how much you can expect to recover from an injury. Here, I will discuss these factors in more detail to help you understand the specific situation that you are in, and what kind of compensation you can expect.
In most situations, an insurance adjuster will become involved in the personal injury case to help figure out compensation for that particular situation. Insurance adjusters are generally hired by insurance companies, and they use a formula to establish compensation in a case.
The insurance adjuster will take a few factors into account in order to determine compensation. The first and clearest factor in the compensation formula is compensation based on economic damages. This refers to money that the plaintiff in the case has already spent on their injuries. This might include hospital bills, physical therapy fees, money spent on special equipment, etc. Adding up the amount spent should be fairly easy and will make up part of the compensation awarded.
Other elements of compensation can be more difficult to determine. This is because they don’t necessarily refer to a set dollar amount. One of these factors is future damages.
Let’s say that you broke your arm in an elevator or escalator accident. This certainly isn’t good, and it will take you weeks or months to recover. But generally, after that initial recovery period, the injury won’t give you trouble in the future. The arm will heal and you will be able to move on with your life. On the other hand, if your arm was severed in an elevator or escalator accident, this could affect your future. Losing your arm will be a permanent handicap. It can affect your ability to take care of yourself or even earn a living, depending on your job. It can also affect your future enjoyment of life. Let’s say you had a passion for golfing. Without an arm, you likely will have to give up this hobby, which will add to your emotional pain and suffering in the future.
These factors would be taken into consideration when determining compensation.
Pain and Suffering
Non-economic damages also refer to pain and suffering, another vague yet real issue. Being unable to golf might be one example of lasting pain and suffering that results from your injury. Pain and suffering will vary depending on the severity of your injury as well as the longevity of your injury. It is the insurance adjuster’s job to consider future losses, pain, and suffering, and factor these into compensation.
Getting Your Compensation
It is important to keep in mind that once you accept a settlement, you cannot get more compensation in the future. So, make sure that you are comfortable with the compensation that you agree to before you accept it. To help you determine an appropriate amount of compensation based on your injuries, you can contact my office.