17.73 Damages: Present Value of Future Damages is a legal term used to refer to the amount of money a plaintiff is owed for future losses as a result of another party’s negligence or breach of contract. It is calculated by determining the present value of all future damages that are expected to be incurred as a result of the incident. This calculation is based on several factors including the amount of future damages, the current rate of inflation, and the life expectancy of the injured party. There are two main types of 17.73 Damages: Present Value of Future Damages: General Damages and Special Damages. General Damages are the damages that are non-specific and are awarded based on the injured party’s pain and suffering, while Special Damages are those that are specific and are awarded based on the monetary losses the injured party has suffered.
17.73 DAMAGES: PRESENT VALUE OF FUTURE DAMAGES
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FAQ
Insurance companies and lawyers typically use a formula to determine the amount of non-economic damages you could claim. For this, the sum of your medical bills will be multiplied by a factor of 1.5 to 5. The more severe or long-lasting a victim's injuries are, the higher the multiplying factor will be.
Damages for negligence constitutes court-ordered compensation for personal injury, property damage, and associated expenses caused by the negligence of another person.
A negligence claim requires that the person bringing the claim (the plaintiff) establish four distinct elements: duty of care, breach, causation, and damages.
The present value of damages is the amount of money a person would need to receive and invest today, to be able to afford specified future expenditures (e.g. future medical expenditures, household services, etc.), at their inflationary adjusted values.
The general formula most insurers use to measure settlement worth is the following: (Special damages x multiplier reflecting general damages) + lost wages = settlement amount.
Car accident settlement pain and suffering amounts are calculated by multiplying the sum of all economic damages, like medical bills, by a number between 1.5 and 5, depending on the severity of the injuries. Pain and suffering can also be quantified with a daily amount agreed upon by the insurance company.
In calculating lost profit damages, one of the final steps is to discount the future lost profits damages to present value by utilizing a discount rate. The discount rate selected by the expert can significantly impact the present value calculation, and thus the amount of damages awarded to the plaintiff.
A common way to calculate future damages is to add up past damages and use that information to estimate how much these damages may cost in the future. For example, loss of future earnings may be determined by taking a person's current salary and multiplying that by the number of years they would have likely worked.