Exhibit 19.1 Types of damages How to value pain? Damages Compensatory damages (indemnify the wronged Punitive damages for injury or damage sustained) (punish the wrongdoer) Special damages General damages Examples: Examples: Medical expenses Pain and suffering Cost to replace or Loss of consortium repair ert Mental anguish Loss of earnings SOURCE: Donald S Malecki, Arthur L Flitner, and Jerome Trupin, Commercial Liability Risk Management and Insurance, 7th ed (Malvern, PA: American Institute for Chartered Property Casualty Underwriters/Insurance Institute of America, 2008), Exhibit 1-3,p.110
Exhibit 19.1 Types of Damages How to Value Pain?
Law of Negligence Negligence is the failure to exercise the standard of care required by law to protect others from an unreasonable risk of harm The standard of care is not the same for each wrongful act it is based on the care required of a reasonably prudent person 7-17
7-17 Law of Negligence • Negligence is the failure to exercise the standard of care required by law to protect others from an unreasonable risk of harm – The standard of care is not the same for each wrongful act. It is based on the care required of a reasonably prudent person