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  1. #1
    Join Date
    Jun 2002
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    29

    monetary damages

    What is the name of your state? California

    What is Monetary Damages ? What does it consist of? How is a monetary amount established?


  2. #2
    Join Date
    Jan 2001
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    gone
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    Someone runs over your fence. It costs you $200 to fix your fence. The person that ran over your fence owes you $200 in monetary damages.


  3. #3
    Join Date
    Jun 2002
    Posts
    29

    monetary damages

    What if there is no materialistic item to put a monetary value on?
    How do you ascertain a value?


  4. #4
    Join Date
    Jan 2000
    Location
    Los Angeles, California
    Posts
    38,154

    Re: monetary damages

    Originally posted by bjobjs
    What if there is no materialistic item to put a monetary value on?
    How do you ascertain a value?
    My response:

    There are, basically, two types of damages:

    -- "Economic damages" means tangible, objectively verifiable monetary losses; e.g., medical expenses, loss of earnings, loss of business or employment opportunities, burial costs, loss of use of money, costs of repair or replacement, etc. [Ca Civil § 1431.2(b)(1)]

    -- "Noneconomic damages" means intangible, subjective nonmonetary losses; e.g., pain and suffering, emotional distress and mental suffering, loss of consortium, loss of society and comfort, injury to reputation and humiliation. [Ca Civil § 1431.2(b)(2)]

    In regards to "Noneconomic damages" there are no formulae to come up with a figure. For example, years ago, we used to use "3 times medicals" as a rule of thumb. However, that "formula" has given way to using "factors". Illustrative of the use of "factors" is that a case has far more value if there are broken bones, than mere soft tissue injuries involved. There are many, many other "factors" involved in coming up with an estimate of the value of a claim.

    IAAL


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