15.72 DAMAGES: PRESENT VALUE OF FUTURE LOSS is a type of monetary compensation awarded by a court to a plaintiff in a civil lawsuit in lieu of actual losses that have not yet occurred, but are expected to occur in the future. This type of damage award is calculated by taking the estimated cost of loss, subtracting any amount that has already been paid or received by the plaintiff, and then calculating the present value of the remaining amount. The calculation takes into account the time value of money and factors in inflation and any other economic variables that may affect the value of the award over time. This type of damage award is commonly awarded in cases involving personal injury, wrongful death, breach of contract, and medical malpractice.
15.72 DAMAGES: PRESENT VALUE OF FUTURE LOSS
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FAQ
A common way to calculate future damages is to add up past damages and use that information to estimate how much these damages may cost in the future. For example, loss of future earnings may be determined by taking a person's current salary and multiplying that by the number of years they would have likely worked.
Discounting is the process of converting a value received in a future time period to an equivalent value received immediately.
In calculating lost profit damages, one of the final steps is to discount the future lost profits damages to present value by utilizing a discount rate. The discount rate selected by the expert can significantly impact the present value calculation, and thus the amount of damages awarded to the plaintiff.
To calculate your total future earnings loss you need to add together your future losses, global buffer, and loss of future superannuation. This total is your future earnings loss. The total will indicate the minimum amount of compensation you deserve to cover your lost work capacity in the future.
The present value of damages is the amount of money a person would need to receive and invest today, to be able to afford specified future expenditures (e.g. future medical expenditures, household services, etc.), at their inflationary adjusted values.
Why might it be to a defendant's advantage to discount an award of future damages? Discounting an award prevents the plaintiff from realizing an unwarranted windfall and reduces losses to the defendant.
The standard approach to calculating future loss of earnings involves establishing the net annual loss ('the Multiplicand') and multiplying it by a factor effectively representing a number of years until retirement ('the Multiplier') to provide a lump sum award covering the loss of earnings over the Claimant's working