Definition of pecuniary loss

This includes expenses that they had to pay, property they had to pay to replace, or opportunities for payment that they lost. Personal injury claims usually involve several kinds of pecuniary loss.

Injured in an accident? Learn More Login to Client Portal. Looking to Buy, Sell or Re-Finance? In a civil lawsuit, there are several types of damages that the claimant may seek. One of these is compensatory damages, and compensatory damages can be further categorized into pecuniary damages and non-pecuniary damages. The following will look at compensatory damages, define pecuniary damages and give a non-pecuniary damages definition. Compensatory damages are distinct from nominal damages which are valid but difficult to value and punitive damages which intend to punish the wrongdoer and discourage a similar incident in the future.

Definition of pecuniary loss

As an injured accident victim who plans on filing a personal injury lawsuit in Ontario, it is very important to understand the damages, or financial compensation, that you may be entitled to recover. This is the only way to ensure that you do not accept an inadequate settlement offer from an insurance company. Start by learning the difference between two of the main types of damages: pecuniary and non-pecuniary. Three types of compensation are available in a personal injury lawsuit: compensatory, nominal and punitive. Compensatory damages are the most common type of award. They refer to the compensation meant to make a victim whole again after an accident, or to reimburse a claimant for related losses suffered. This category is further broken down into pecuniary and non-pecuniary damages. Nominal damages are a type of non-compensatory damages. This means they are not focused on restoring the plaintiff to his or her original condition but rather on seeking justice for the harm done or wrongdoing committed. Nominal damages can be difficult to calculate and are often a small monetary remedy.

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If you have suffered losses from a breach of contract , you have the right to seek compensation. This is known as damages. This compensation comes in the form of both pecuniary and non-pecuniary losses. While these legal terms can seem complex, gaining an understanding of them will help you navigate your claim. This article will explain the differences between the two terms and what they mean for your legal rights when recovering damages. The definition of the word pecuniary is relating to money.

Definition of pecuniary loss

See also: damage. Some federal statute divides loss into economic and noneconomic loss. Economic loss is any pecuniary loss resulting from harm. Noneconomic loss means loss for pain, suffering, inconvenience, physical impairment, mental anguish, disfigurement, loss of enjoyment of life, loss of society or companionship, loss of consortium , hedonic damages, injury to reputation, or any other nonpecuniary loss of any kind of nature. A party can experience loss through some of the following ways: serious bodily injury resulting from a car accident Oberly v. Bangs Ambulance Inc. Fannie May Confections Brands, Inc.

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However, most personal injury claims involve one or all of the following three losses:. Property damages Anything that was destroyed or lost value results in a pecuniary loss. What Are Non-Pecuniary Damages? Wages and employment benefits lost because the plaintiff cannot immediately return to work as a result of the accident or injury. Looking to Buy, Sell or Re-Finance? Actual damages to begin with, are meant to provide funds to replace what has been lost. However, most personal injury claims involve one or all of the following three losses: Medical expenses These include not only immediate care, such as an ambulance or an emergency room visit after the incident, but the ongoing examinations, tests, and treatments for the injuries and their aftermath. If you had any degree of fault in the incident, that will reduce the total amount of damages you can receive. Rather than relying on bills and receipts, the courts will look at how greatly the incident has impacted the victim. During that 25 years, they would have done some or all of the following: Collected a salary Grown a business Earned benefits vacation time, k accounts, etc.

This includes expenses that they had to pay, property they had to pay to replace, or opportunities for payment that they lost.

In short, any expense that directly linked to the incident in question and clearly quantifiable can be included when defining pecuniary damages. The calculation is fairly straightforward if you worked at a job with an hourly or daily pay rate—it is based on the time you missed or can reasonably expect to miss. Looking for An Injury Lawyer? This category is further broken down into pecuniary and non-pecuniary damages. For example, if someone is disabled at age 30, that person might have worked 35 more years before retiring at age The spouse lost the services of their partner, and the children lost the support of a parent. Our South Carolina personal injury attorneys do that every day. Compensatory damages are distinct from nominal damages which are valid but difficult to value and punitive damages which intend to punish the wrongdoer and discourage a similar incident in the future. Learn More. Message frequency varies. Pecuniary damages are simply quantifiable compensatory damages. If you have a civil lawsuit, let a lawyer help you determine what are appropriate damages to seek. You can speak with a lawyer to request a consultation.