Series editor(s): Professor Robert Thornton, Professor J. Richard Aronson
Subject Area: Economics
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|Title:||Periodical payments awards and the transfer of risk|
|Author(s):||Richard Cropper, Victoria Wass|
|Volume:||91 Editor(s): John O. Ward, Robert J. Thornton ISBN: 978-1-84855-302-6 eISBN: 978-1-84855-303-3|
|Citation:||Richard Cropper, Victoria Wass (2009), Periodical payments awards and the transfer of risk, in John O. Ward, Robert J. Thornton (ed.) Personal Injury and Wrongful Death Damages Calculations: Transatlantic Dialogue (Contemporary Studies in Economic and Financial Analysis, Volume 91), Emerald Group Publishing Limited, pp.159-191|
|DOI:||10.1108/S1569-3759(2009)0000091010 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
|Article type:||Chapter Item|
This statutory amendment to the Damages Act of 1996 profoundly changed the way in which damages for a future loss are assessed and the discretion of the parties over the form of award. This new approach to settling claims has been described as ‘the most fundamental change in 150 years in the quantification of bodily injury claims involving continuing loss’ (London International Insurance and Re-Insurance Market Association, 2003). Its purpose was to increase the incidence of awards made by means of continuing periodical payments rather than as a lump sum in order to ‘ensure that injured people receive compensation to which they are entitled for as long as it is needed without the worry of the award running out if they happen to live longer than expected’ (Lord Chancellor's Department [LCD], 2002a).
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