How Are Wrongful Death Settlements Calculated?

Several factors come into play when calculating a wrongful death settlement. These include the financial and emotional impact of the death on the survivors and the circumstances of the death. These and other factors are weighed carefully to determine a fair settlement amount.

Contact a Richmond wrongful death lawyer for advice if you seek a wrongful death settlement. These cases are complicated, and you need legal advice. Settling too early without legal counsel could leave you with too little money after your tragedy. Here’s what we look for when we calculate settlements.

What Factors Influence Wrongful Death Settlement Amounts?

Several factors come into play when calculating the average wrongful death settlement. These include:

The age and life expectancy of the deceased
The deceased’s earning capacity and future income potential
The circumstances of the death and the degree of negligence involved
The financial and emotional impact on the surviving family members

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What Types of Damages Are Included in Wrongful Death Settlements?

Wrongful death settlements typically include two main categories of damages:

Economic damages: These are tangible financial losses that can be calculated.
Non-economic damages: These are intangible losses that are more difficult to quantify.

Additionally, in some cases, punitive damages may be awarded. Calculating your wrongful death settlement involves seeing which damages apply to your case and how much they are.

How Are Economic Damages Calculated?

Economic damages in wrongful death cases often include:

Lost wages and benefits: This includes the deceased’s current and future earnings, as well as benefits like health insurance or pension plans.
Medical expenses: Any medical costs incurred due to the fatal injury or illness before death.
Funeral and burial expenses: The costs associated with laying your loved one to rest.

Calculating these damages often involves complex financial projections, especially if the deceased died young. The Pendleton Law Team can work with financial experts to ensure these calculations are accurate and comprehensive.

How Are Non-Economic Damages Determined?

Non-economic damages are more challenging to calculate as they don’t have a specific dollar value. These may include, but aren’t limited to:

Pain and suffering of the deceased before death
Mental anguish of the surviving family members
Loss of care, protection, and guidance for the family
Loss of companionship for the spouse

While these losses are intangible, they are no less real or important. Their value is often found through negotiation and similar past cases. Lawyers are trained in negotiation and will push to get you a fair value for non-economic damages.

When Are Punitive Damages Awarded?

Punitive damages may be awarded in cases involving gross negligence or intentional harmful acts. These are meant to punish the wrongdoer and deter similar behavior in the future.

Punitive damages are not awarded in every case and are subject to specific legal standards. The Pendleton Law Team can evaluate your case to determine if punitive damages may be applicable. Winning these will require your case to go to court.

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What Role Do Insurance Policies Play in Wrongful Death Settlements?

Liability insurance of the at-fault party often plays a central role. The policy limits of these insurance plans can influence the maximum settlement amount, especially if the at-fault party has limited personal assets.

While the deceased’s life insurance policies are not directly involved in the wrongful death claim, they can affect negotiations. Insurance companies may argue for a lower settlement if the family has received a substantial payout.

Umbrella policies or excess liability coverage can be used when the primary insurance policy limits are insufficient to cover the total value of the wrongful death claim. These policies provide additional coverage beyond the limits of primary insurance policies, potentially increasing the available settlement amount.

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Are There Limits on Calculating Wrongful Death Settlements?

Virginia law does impose some limits on wrongful death settlements:

In most wrongful death cases, there is no cap on compensatory damages (economic and non-economic).
However, in medical malpractice cases, the total damages that can be awarded are limited and increase annually.
Punitive damages, when awarded, are capped at $350,000 under Section 8.01-38.1 of Virginia Law.

Understanding these limits is crucial when negotiating a settlement. Our Heavy Hitters® at the Pendleton Law Team will work to maximize your compensation within these limits.

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How Can a Wrongful Death Attorney Help Maximize Your Settlement?

An experienced wrongful death attorney can be invaluable in maximizing your settlement. They can:

Thoroughly investigate the circumstances of the death
Gather comprehensive evidence to support your claim
Consult with experts to accurately calculate damages
Negotiate skillfully with insurance companies and opposing counsel
Prepare for trial if a fair settlement can’t be reached

Calculate the Full Value of Your Wrongful Death Settlement With the Pendleton Law Team

Calculating a wrongful death settlement is a complex process that requires careful consideration of many factors. It’s best done with the help of a lawyer who has the knowledge and resources to investigate what happened and find the full value of your claim.

Contact our team today for a free consultation. Let us help you honor your loved one’s memory and secure your family’s future by securing your wrongful death settlement.

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