Calculating financial losses in catastrophic injury cases can be difficult, especially when somebody doesn’t hasn’t kept detailed records. In the complex world of personal injury law, understanding the full scope of losses experienced by those who are catastrophically injured is crucial.
Failing to be truthful can create problems during a personal injury case, especially when you’re working with a forensic economist like Dr. Craig Galbraith. He’s back with us again for another chapter of our conversation and determining true value in these cases.
Today we’ll explore the various financial losses experienced by those who are catastrophically injured, including past and future income loss, household services, and medical care with the discussion extends to non-economic losses such as pain, suffering, and the hedonic loss of life's enjoyment. Dr. Galbraith shares his expertise on the role of forensic economists and the challenges faced in quantifying these losses.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:20 – Other financial losses for people who are catastrophically injured.
3:45 – What is done with the analysis offered by Dr. Galbraith?
6:57 – Understanding the role of insurance companies.
8:24 – Mistakes that negatively impact the ability to quantify financial losses.
11:14 – The importance of being truthful.
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