The Need For An Expert Witness In Economic Damages Cases
When your case has an element of economic damages, you will need an expert witness involved. Such an expert witness is one who has extensive experience in economic matters such as business valuation, assessment of markets, and economic analysis. A high level of expertise in the field is necessary if their word is to carry any weight in this case.
The expert witness needs to be actively involved in collecting and analyzing economic data to manage giving feedback, to understand all the technical information, and applying all that knowledge to damages where cases in which criminal activity led to a person enduring harm. Apart from the active involvement, the expert must have some managerial and analytical experience in several capacities at different companies. With such an extensive amount of experience to draw from, it cements their position as an expert.
In economic damages cases, it is important to demonstrate how a person suffered through the actions of another. Considering the complexities of the circumstances in question, it is upon the expert to break that data down and show the courts how such a loss came to be, and what amount of it the loss constituted. They must make it clear for all present, as is expected of their level of expertise.
The kind of economic damages you may incur would be such as medical bills from a previous, present of future scenarios if the injury were related to financial info like your bank account numbers. There is also the loss of income in case your injury renders you unable to pursue your vocation further. Property damage also falls under this category, as are the costs you have to foot. The need for ongoing therapy is also another example. The court will look at all items presented and determines what the overall judgment will be, based on the amounts each item represents.
There may also be consideration of future expenses. They, however, must be demonstrated to be connected with the present circumstances, and the fault of the accused. It is the job of the expert witness to do such demonstrations. They will collaborate with the doctors in charge to show this, as well as boost the testimony of those medical experts. In scenarios where the loss is due to an inability to keep working, the expert witness will show how, at their age, health, life expectancy, talent, and skills, their capacity was derailed. They will show how there was much to be earned by an otherwise productive individual, who now can no longer do so, and so needs compensation.
For the plaintiff to recover the economic damages, certain rules and stipulations come into play. Medical expenses are covered by insurance policies. The collection source rule was instituted to ensure that only the right source will give out the compensation, and not any other. An example is seeking medical damages from any other source other than the insurance policy payouts. They also put the insurance companies to task, to ensure that there is a fair disbursement of what should be rightfully disbursed.
A personal injury lawyer helps you get compensation when you are a victim of another party’s actions. Your chances of getting compensation significantly increase when an expert witness is added to your case.