Economic damages are the compensation for the losses that you incurred in terms of money. An example is past and future medical expenses, the loss of your earnings, the inability to use your property as well as the cost of repair or replacement of your property. This is mainly carried out by an attorney after a personal injury or any other case that involves payment for the losses. The person who gets the compensation is referred to the plaintiff and he or she is the one who brings the case against the defendant to a court of law. The one who is compensating for causing the loss is the defendant. It is the duty of the plaintiff to prove that he or she needs to be compensated by the defendant. Some of these proofs may include the breach of duty, the cause of the negligence, and the damages as a result of negligence. If any of the proof I missing, the plaintiff will be defeated in the lawsuit. However, if the plaintiff can prove to all that he or she claims, he or she will be able to get compensation for the economic damages that were caused.
Hen carrying out the compensation, a plaintiff will receive compensation even on those losses that he or she is currently shouldering. For instance, if the plaintiff had an accident and he or she is still incurring medical expenses, he or she will be compensated with future medical expenses. However, before the compensation is done, there must be testimony from an expert like the physician treating the plaintiff.
Another type of economic damage is when an individual who is the plaintiff loses the capacity to earn. However, this must be proven that the plaintiff is impaired and he or she will not be able to earn like he or she used to. The plaintiff however must offer expert testimony to this fact. The expert therefore will consider the age of the plaintiff, talents, past earning capacity. This must be linked to his or her ability to earn money. For instance, if a plaintiff is a model and was involved in an accident caused through negligence, and he or she is no longer capable of the model, this will affect his or her livelihood. In this case, the lost earning capacity will be evaluated and the model will end up getting compensated.
An expert witness is called upon to evaluate the economic damages that the plaintiff suffered due to negligence caused by the defendant. The expert witness has the experience that has been gained through the years through assessing the markets and in business evaluation. He or she will therefore collect and analyze the information before giving the feedback. They will therefore apply knowledge to the damages caused when someone was harmed through criminal activity. When you are choosing the expert witness, hire one who has managerial and analytical skills that could be of legal assistance. The expert witness is able to evaluate litigation concerns in many ways.