What Are Economic Damages?
Economic damages are measurable financial losses suffered by a party as a result of another's wrongful conduct, breach of contract, or negligence. Unlike non-economic damages (such as pain and suffering), economic damages are quantifiable using receipts, records, invoices, and expert analysis.
Types of Economic Damages in Florida
- Lost wages and income: Compensation for earnings lost due to injury, breach of contract, or wrongful termination
- Medical expenses: Past and future costs of medical treatment directly related to the injury
- Property damage: Cost to repair or replace damaged property
- Lost business profits: Revenue lost as a direct result of the defendant's conduct
- Diminished earning capacity: Reduction in future earning ability caused by injury or disability
- Out-of-pocket expenses: Any documented financial costs directly caused by the wrongful act
Proving Economic Damages in Florida Court
Florida law requires that economic damages be proven with reasonable certainty. This means:
- Speculative or uncertain losses are not recoverable
- The plaintiff must provide documentary evidence (bills, records, tax returns, estimates)
- Expert witnesses (economists, accountants, medical professionals) may testify to future losses
- The defendant may challenge the calculations through their own experts
Economic vs. Non-Economic Damages
Florida law distinguishes between economic damages (quantifiable financial losses) and non-economic damages (subjective losses such as pain, suffering, emotional distress, and loss of enjoyment of life). Both types may be awarded in the same case, but they are calculated differently and may be subject to different legal standards.
Related Terms
- Liquidated Damages — Pre-agreed damage amounts in contracts
- Contract — The agreement that may give rise to economic damage claims
- Equitable Distribution — Division of assets in divorce proceedings
Barnes Walker Litigation
Barnes Walker's litigation attorneys pursue and defend economic damage claims in Florida courts, from contract disputes and property damage to business litigation and personal injury. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC