Definition of pecuniary loss

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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.

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. These vary between claims; clearly, someone who slipped and fell will not have all of the same types of pecuniary loss as someone who had a car accident. However, most personal injury claims involve one or all of the following three losses:. If you have been permanently disabled or otherwise injured so badly that you cannot return to your line of work, your future earnings also constitute a pecuniary loss. In a wrongful death suit, the estate of the deceased can sometimes make this claim for the loss of future earnings on behalf of the spouse and children. The spouse lost the services of their partner, and the children lost the support of a parent. To calculate these damages, the attorney will consider the years a person might have worked if the incident had not occurred. For example, if someone is disabled at age 30, that person might have worked 35 more years before retiring at age During that 25 years, they would have done some or all of the following:. These costs must be estimated and analyzed in order to create a reasonable total for a lifetime of disability. In the case of a wrongful death lawsuit, the estate can also claim funeral expenses and others related to the untimely death of the injury victim. Your pecuniary losses add up to what are called economic damages or general damages—a claim for concrete losses. But in a personal injury claim, you are generally also entitled to recover to some degree for losses that have no literal monetary cost.

Pecuniary damages encompass the quantifiable losses suffered by an accident victim, or the specific losses. The following will look at compensatory damages, define pecuniary damages and give a non-pecuniary damages definition. Punitive damages are designed to punish a defendant above and beyond compensatory damages, to send a message and discourage similar behaviour in the definition of pecuniary loss.

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Read a random definition: liberum maritagium. Pecuniary loss is when you lose money or something valuable unexpectedly. It can also refer to the amount of money an insurance company has to pay when something you have insured gets damaged or destroyed. Definition: Pecuniary loss refers to an undesirable outcome of a risk that results in the disappearance or reduction of value, usually in an unexpected or unpredictable way. It can also refer to the financial detriment caused by an insured person's death or damage to insured property, for which the insurer becomes liable. The examples illustrate how pecuniary loss can occur due to a decrease in value or damage to property, resulting in financial detriment to the owner.

Definition of pecuniary loss

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. In the context of a breach of contract, any losses which can be measured in financial terms will be seen as pecuniary. Pecuniary losses come in a number of forms, some of which are:. These losses all relate to a financial loss, and can be recovered as compensatory damages. Claims for pecuniary losses are all subject to certain limitations.

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Cancel reply Leave a Reply Name. In short, any expense that directly linked to the incident in question and clearly quantifiable can be included when defining pecuniary damages. Plaintiffs are entitled to a certain percentage of the total amount of money given for settlement. If the victim suffered a long-term or permanent disability and cannot return to work in the same capacity, he or she can recover a lifetime of estimated lost wages. This is the only way to ensure that you do not accept an inadequate settlement offer from an insurance company. For salaried workers, an attorney would calculate lost wages by dividing their salary by the number of hours they work in a year, then computing the total time lost, together with any vacation or PTO lost to the accident. For example, if someone is disabled at age 30, that person might have worked 35 more years before retiring at age Any other financial expenditures associated with the accident can also be classed as pecuniary damages, including court costs, legal fees and travel expenses. Learn More Login to Client Portal. They are measured in financial terms and calculated using bills, receipts and other financial statements. There are two types of compensatory damages — general and actual. Actual damages to begin with, are meant to provide funds to replace what has been lost. You may need a lawyer to negotiate for fair financial compensation on your behalf. Need a Lawyer?

The term pecuniary refers to something paid or given in money, or a monetary interest in something.

What are the two types of compensatory damages? Some of these may not be apparent right away. Lost future capacity to earn. Under South Carolina law, these include:. There are some differences between compensatory damages and punitive damages. Is Depression a Disability? You can speak with a lawyer to request a consultation. Any other financial expenditures associated with the accident can also be classed as pecuniary damages, including court costs, legal fees and travel expenses. 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. The following will look at compensatory damages, define pecuniary damages and give a non-pecuniary damages definition.