Compensatory damages refer to a form of monetary reparation awarded to a party in a lawsuit to cover the losses or damage to property suffered as a result of another party’s actions.
The main goal is to restore the plaintiff to the financial situation they were in before the damage or injury occurred.
Economic Damages:
Non-Economic Damages:
Compensatory damages are a crucial aspect of insurance claims, as they help determine the amount an insurer should pay to a policyholder for their losses. It is essential for insureds to understand how actual damages are calculated to ensure they have the right coverage to protect against potential losses.
At PSIC we offer you Personal Liability Insurance, which provides financial security against claims for damages you are responsible for. In addition to the standard coverage, you can add extra protection based on your needs. Keep in mind that more coverage increases your protection but also affects the cost of your policy.
Understanding compensatory damages is essential, as these are meant to cover the actual financial losses suffered by someone due to your actions. This can include medical expenses, repair costs, and lost wages for the affected party. Having the right insurance helps ensure that you are prepared to handle these situations, providing you with peace of mind and protecting your financial future. Your producer can help you find the coverage that best fits your circumstances!
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Privacy Notice at Collection for CA employees
Last updated: June 27, 2023
We take the privacy of our employees and applicants very seriously. Please read this notice carefully as it contains important information on the personal information that we collect, why we collect it, how long we keep it, and that it is not sold to third parties.
Other terms used but not defined will have the meaning set forth in the CCPA, as amended by the CPRA, Cal. Civ. Code §§ 1798.100—1798.199.100, and accompanying regulations set forth under Cal. Code Regs. tit. 11, § 7000 et seq.
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When it is no longer necessary to retain your personal information, we will delete or anonymize it.