When you suffer an injury due to the negligence of another person or party, you may be entitled to compensation for your losses. In a personal injury lawsuit, there are two main types of damages that can be recovered: compensatory and punitive. Compensatory damages are designed to reimburse you for the losses you have suffered, such as medical expenses, lost wages, and property damage. Punitive damages are awarded when the person or party responsible for your injury has acted in a particularly egregious manner.
It is important to understand the differences between these two types of damages in order to know whether or not you can settle your injury claim. Compensatory damages are almost always easier to quantify than punitive damages, since there is a specific number assigned to each category of loss. These damages can include loss of income, medical expenses, property damage, cost of living with a disability, funeral costs in the event of the death of a loved one, and personal care costs. However, disputes can arise over the amount or existence of special damages. Without competent legal help, it can be difficult to establish the connection between an accident and a loss of money or demonstrate how big an economic loss was. In addition to compensatory damages, the non-offending party may also recover compensation for incidental damages or commercially reasonable expenses incurred as a result of the other party's non-compliance.
Incidental loss includes the expenses incurred by the non-offending party to try to minimize the loss that results from the violation. To request replacement goods or services, the non-offending party may have to pay a premium or special fees to find another supplier or source of work. The law allows several types of damages (money paid) to reflect the losses suffered by the non-offending party. Compensatory damages compensate for the special loss suffered; consequential damages offset the foreseeable consequences of non-compliance; incidental damages offset the costs of preventing further damage from occurring; nominal damages are awarded if the actual amount cannot be proven or there are no actual damages; liquidated damages are agreed in advance when the actual amount is difficult to determine and are allowed, if not a sanction; and sometimes punitive damages are allowed if the failure to comply with the behavior of the opposing party is a tort atrocious, an indignation. Colorado law does set a limit on the amount of monetary damages available for non-economic damages (excluding physical disability and disfigurement) in injury and wrongful death lawsuits. It is important to have an experienced lawyer who can explain how these limits will affect your case.
Punitive damages are awarded when the person or party responsible for your injury has acted in a particularly egregious manner. Knowing how these two types of damages work is essential when it comes to legally seeking reimbursement for injuries caused by another person or party. With competent legal help, you can establish the connection between an accident and a loss of money and demonstrate how big an economic loss was in order to receive fair compensation for your losses. It is important to understand that both compensatory and punitive damages can be recovered in personal injury cases. Compensatory damages are designed to reimburse you for any losses you have suffered due to another person's negligence, while punitive damages are awarded when someone has acted in an especially egregious manner. Knowing how these two types of damages work is essential when it comes to legally seeking reimbursement for injuries caused by another person or party. Having an experienced lawyer on your side can make all the difference when it comes to recovering fair compensation for your losses.
A lawyer can help you understand how Colorado law limits monetary awards for non-economic losses and explain how these limits will affect your case. They can also help you establish a connection between an accident and a loss of money and demonstrate how big an economic loss was in order to receive fair compensation.