This week, to continue LRANY’s video series, we bring you a video on non-economic damage caps in New York State. Unknown to many is the difference between economic and non-economic damages. Economic damages include all medical expenses, lost wages, future earnings and punitive damages. While damages for non-economic losses include pain and suffering, emotional distress, loss of companionship, and other intangible injuries. Because these damages involve no direct or calculable economic loss, it is difficult for juries to assign a dollar value to these losses. As a result, these awards tend to be erratic, and often times, excessive.
LRANY supports the rational limitation of non-economic damages. A limit would eliminate excessive jury awards and reduce financial incentives to file frivolous lawsuits. Most importantly, such a limit would have no impact on the amount an injured person could receive for economic losses such as past and future medical bills, lost wages, future earnings, medical devices, and any other quantifiable losses.