When another person or party causes your injury, they are responsible for any economic loss you may suffer, whether from job loss or healthcare costs. The law says that you must be able to return to the same financial position you would have been in, had the accident never happened.
Typical examples of economic loss may include the following:
Past wage loss
This loss occurs when an individual is unable to return to work and earn their full pay due to their injury. In Ontario, past wage loss is capped at 70% of your gross wage through to the date of a trial or settlement.
Future economic loss
If an individual’s injuries are long lasting or permanent they may not be able to get back to their pre-accident earnings for many years into the future. Or they may never be able to return to work at all. The length of time for future economic loss is often based on the medical opinions of doctors and experts in determining what settlement to reach.
Loss of competitive advantage
The concept of loss of competitive advantage is a recognition that, because of the injuries suffered by the injured person, that person will no longer be able to compete in the marketplace with able-bodied individuals who have comparable qualifications or levels of skill. This will depend largely on the nature of an injury and the diagnosis from doctors and experts.
Possible early retirement
An individual’s injuries may be significant to the point that as they age they will worsen. As such, there is a future loss of income due to a forced early retirement.
What's covered under Accident Benefits?
Economic Loss is an integral part of any case. Unfortunately it can be difficult to know what to claim. The best way to determine which losses you may be compensated for and what legal avenues are available for recovering those losses is to speak to a reputable personal injury lawyer.
- Undertake a detailed review of the losses you have sustained;
- Best gather proper medical evidence
- Determine your past and future losses, having regard to your situation and the law; and
- Proceed with the steps for recovering compensation.
You might be eligible for more compensation than you’re aware. An experience personal injury lawyer can help ensure that the full extent of your damages is accounted for and that you receive the maximum amount of compensation to which you’re entitled.
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