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New York 50B - General Liability Simplified System
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New York 50B Simple Operating Systems
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Simple New York 50B System. The 50B system incorporates a relatively simple system for valuing Awards. It serves the function of making and/or revising the calculation, documenting the calculation and its detail, and reconciling the net result back to the submitted Award. It offers an array of tools for applying collateral source offsets, interest and second level discounting, as appropriate. The results can be stored for later retrieval and update, or, as part of an offer, transmitted to others who use the system. New York 50B General Liability cases will often lend themselves to simple valuation. The following is a guide to help the attorney in accumulating data for a Simple Award valuation. The categories of loss are those into which elements of loss are most often summarized. They are Pain and Suffering, Medical Expenses and Economic or Pecuniary Loss. For purposes of valuing an award for future damages, all payments for loss are considered periodic with initial payment occurring in the immediate future (the date of the verdict). Case Information a.) Case Caption: ________________________________________________ b.) County of Filing: _______________________________________________ c.) Docket: _____________________________________________________ d.) Plaintiff: __________________________________________________ e.) DOB: ___________ Sex: _________ Life Expectancy: _________________ f.) Decedent: _____________________ Date of Death: _______________ g.) DOB: ___________ Sex: _________ Life Expect. at Death Time:__________ h.) Date of Event: ___________ Date from which losses began:___________ i.) 50B: _________50B Wrongful Death: ___________ (There appear to be no specific statutory references to any special handling of wrongful death under 50B. It appears that future damages are to be handled in the same manner as other General Liability actions.) Litigation Expenses: _____________ Past Damages: _______________ 1.) Pain and Suffering a.) Past Damages: _____________ b.) Period of Payment: ____________Years ____________Months (Maximum 10 years) c.) Amount: _______________ 2.) Medical Expenses a.) Description: ____________________________________________ b.) Past Damages: _____________ c.) Periodic i.) Period for Payment _______Years, _____Months ii.) Payment Sequence (Monthly etc.)_______________ iv.) Total Amount: _____________ 3.) Economic Loss b.) Past Damages: _____________ c.) Periodic (Future) i.) Period for Payment _______Years, _____Months ii.) Payment Sequence (Monthly etc.)_______________ iv.) Total Amount: _____________ Taxes Associated with Lost Earnings (there appear to be no statutory references to the handling of taxes under NY 50B. Usage seems to be to exclude taxes from the determination of lost or impaired earnings. We have chosen to retain the option to use taxes in the event that they are to be a part of the determination of lost or impaired earnings or an adjustment to that amount. ) Statutory Rates: __Simple __Pooled Federal Rate______ applies to ______% of Earnings State Rate _______ applies to ______% of Earnings Local Rate _______ applies to ______% of Earnings or, Taxes Paid Year 1 Year 2 Year 3 Earnings ________ ________ ________ Fed. Tax ________ ________ ________ State Tax ________ ________ ________ Local Tax ________ ________ ________ 4.) Collateral Source Payments (Offsets). These are obligations to pay occasioned by the loss, e.g. Social Security Survivor Benefits. There must a reasonable certainty of payment (subject only to the continued payment of premium and such other financial obligations as occasioned by the agreement), and the source must not be entitled to a statutory lien. Collateral Source obligations may also apply to care, custodial care and rehabilitative care, though it is difficult to envision any where the only condition to delivery of care is continued premium payment. i.) Description: _________________________________________ ii.) Period for Payment _______Years, _____Months iii.) Payment Sequence (Monthly etc.)_______________ iii.) First Payment Date_____________ iv.) Current Payment Amount_____________ v.) COLA Applicable _________% vi.) Cost of Maintenance (last two years)___________ vii.) Ongoing Cost to Maintain______________ viii.) Inflation on Ongoing Cost______________ |
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