An Overview of Economic Losses on Insurance Claims in Canada
Economic losses are monetary damages, or those demonstrable on a balance sheet. In the aftermath of an injury-causing accident, many survivors are forced to pay out-of-pocket for various injury-related expenses. They might lose wages if they are required to miss work to recover from their wages. They might suffer a reduced earning capacity because of their injuries’ long-term effects on their ability to continue working. And they might be forced to incur additional financial losses well into their futures. All of these damages are examples of economic losses.
COMMON ECONOMIC LOSSES FOLLOWING AN ACCIDENT
Economic losses can refer to any type of financial loss you’ve suffered as a result of an injury or damage. For instance, if you’ve been seriously injured in a car accident, your economic losses might include:
- hospital bills
- lost wages
- property damage
- the cost of remodelling your home to accommodate disabilities you suffered as a result of the accident
- the cost of hiring someone to perform the household tasks you normally would perform had it not been for your injury
If you sustained your injuries in a motor vehicle collision, your insurance policy’s no-fault accident benefits might help you offset the costs of injury-related economic losses you have incurred. However, the benefits available to you through your insurance provider may not sufficiently cover your total losses. If your accident on the road, on someone else’s property, or in another location was the result of another party’s negligence, Preszler Injury Lawyers may be able to help you recover compensation for losses you have incurred as a result of their wrongful conduct. To learn more, call 1-800-JUSTICE today for a free initial consultation.
They are related to financial loss only, not physical or emotional. This might include damages such as:
- lost property value;
- loss of profit; or
- loss of profitability.
Generally speaking, most economic losses are recoverable on an insurance claim. However, if the damages are purely economic in nature and are not the result of an injury, they are not compensable on an insurance claim. Pure economic losses fall under a different area of the law: contractual law.
CONTACT PRESZLER INJURY LAWYERS
Sustaining injuries in an accident can be expensive. Nobody should be forced to pay the high prices of someone else’s negligence. If you sustained compensable injuries in an accident, consider contacting our Ontario personal injury lawyers. If you are eligible to pursue compensation, our personal injury lawyers serving Ontario may be able to help you calculate your total economic losses and pursue restitution on your behalf. To learn more about how Preszler Injury Lawyers may be able to help you, call 1-800-JUSTICE today.