When someone else’s negligence causes you to suffer severe injuries that prevent you from working, you can sometimes recover compensation for loss of earning capacity. Loss of earning capacity refers to the amount of money you would have earned had you not been involved in an accident or other unfortunate event.
Let’s say you were bringing in a six-figure salary prior to your accident and now are no longer able to work due to you becoming totally disabled. The loss of earning capacity you experience is something you can seek damages for from the responsible party. So, how is loss of earning capacity calculated and collected?
Calculating loss of earning capacity after an accident in Florida
Loss of earning capacity is calculated using the wages you were earning prior to the accident. You’ll want to add up how much you were unable to earn due to your wreck. If you were planning on retiring in the next 10 years, then you can consider how much you would have earned within that timeframe.
In addition to adding up how much money you expect to lose, you’ll also want to take into account any promotions you were scheduled to receive or benefits you would have been provided had you still been able to work. Putting a dollar amount on a promotion and/or benefits isn’t always easy and therefore, you are encouraged to consult with a Fort Walton Beach, FL accident lawyer who knows how to do this.
Loss of earning capacity estimates don’t always equate to the amount a victim will receive
While it would be ideal for you to be able to recover the full amount you estimated your loss of earning capacity damages to be, not always can a victim collect this amount. If you’re bringing your case against another driver’s insurance company, you’ll only be able to recover up to the limits they purchased. If the driver’s policy only allows for you to recover up to $100,000, then this is the maximum the insurance company is obligated to pay you.
If your loss of earning capacity damages amount to more than what the insurance company will pay, then you might have a case against the individual who hit you. You would be required to file a civil lawsuit against the individual which is essentially the same thing as you asking the court to require him/her to provide you with the damages you are due.
A Fort Walton Beach, FL accident lawyer can estimate how much you should receive for loss of earning capacity
If you’d like a legal expert to estimate how much you might be entitled to recover in loss of earning capacity damages, contact Browning Law Firm. The Fort Walton Beach, FL accident attorneys at this firm will gladly assess your case and help you place a value on it.
Browning Law Firm can be reached at:
418 Racetrack Rd. NE, Ste B
Fort Walton Beach, FL 32547
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