Section 284-24D-362 - What process must a person use to estimate economic damages?If a reporting entity makes indemnity payments to a claimant that include compensation for future economic damages, the person calculating damages must use the principles listed in this section.
(1) Where appropriate, the person estimating economic damages must: (a) Project the elements of loss listed in WAC 284-24D-360: (i) For the duration of the injury or disability; or(ii) In the event of death, for the anticipated life span of the injured person; and(b) Discount damages to present value;(c) Consider related factors, such as:(i) Issues of negligence and liability;(ii) The relative strength of the defense; and(iii) The component of the claim payment driven by economic damages.(2) Reporting entities must select reasonable discount factors when estimating economic damages.Wash. Admin. Code § 284-24D-362
Statutory Authority: RCW 48.02.060, 48.140.060, and 7.70.140. 07-12-057 (Matter No. R 2006-02), § 284-24D-362, filed 6/4/07, effective 7/22/07.