What are Pecuniary Damages?
Pecuniary damages are the loss of past and future income due to the wrongful actions of another party. They are often referred to as economic damages because they usually deal with the financial aspect of injuries.
According to Black’s Law Dictionary, pecuniary damages are defined as “compensation for losses that can be calculated and monetarily quantified, including medical expenses, lost wages, and repair costs.”As such, pecuniary damages are intended to cover the quantifiable financial impact of the injury or harm, such as lost wages, medical expenses, and other out-of-pocket costs.
Pecuniary damages can include medical expenses, lost wages, property damages, rehabilitation costs, and funeral expenses. Pecuniary damages are particularly beneficial to injured parties because they provide compensation, financial stability, and hold the other party responsible financially for their actions. Understanding pecuniary damages is crucial for plaintiffs seeking compensation in personal injury and other civil cases. It helps ensure that they are adequately reimbursed for the tangible financial losses they have suffered, promoting fairness and justice in the legal system.
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