THE BURBANK GROUP New York General Liability Valuation Reports (www.NY50B.com) |
New York 50B Operating Reports
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All valuation systems share common report formats that track the sequences set out in the statutes. While the development and valuation process is fairly intuitive and there is instruction throughout the programs, it is still something of a cumbersome process for the occasional user. For that reason, we recommend use of our services rather than our programs. We provide training for those who have extensive and recurring needs, can offer continuing support and will even provide and update dedicated sites for those who feel a need to directly identify the product with their organization. [If you have not already agreed to the use our services or to license our products, please go to 'Pricing and Availability' where the options and information requirements are provided. If you have ID and password, click on the desired section. When it opens, click on 'Clear' and provide the location of the ID file for input. If an operating file has been provided, click 'Input', enter an identifier and open the data for use.] The Reports sections are designed
A. To summarize and document the valuation. 1. Valuation Summary is the basic document. It lists each element of loss, together with the future damages period. It lists undiscounted future loss element amounts, discounts each element of future loss by the applicable discount rate, and deducts discounted collateral source offsets. A litigation expense rate is applied against past damages, lump sums and individual discounted future loss elements to arrive at a net discounted award. An attorney fee rate is then applied against past damages, lump sums and individual discounted loss elements net of litigation expenses to arrive at a net Award. 2. Negotiation Worksheet is really a detailed reconciliation from Gross Element Award to element Award Value, and then a reconstruction back to a total Award. Total Element Award reduced by any taxes (if applicable to the element of loss) Reduced by
To arrive at a Net Undiscounted Element Award ( agrees with The Summary undiscounted net Award). This is then discounted by the appropriate rate to produce a discounted Award that is then Reduced by
To arrive at a net element Award. Gross and Net first monthly payments are also listed. Individual net elements are accumulated into the three major categories of Pain and Suffering, Medical Expense and Economic loss. They, in turn are totaled to an Overall Net Award. Collateral Source offsets are then added back, together with the total allocation of expenses and fees to future damages. The Net undiscounted amounts associated with Award elements are also totaled,expenses and fees allocable to lump sums are added, as well as lump sums. Total taxes are added back and the result is the total Gross Award. The system then lists the cash values that with which the defense will part, and, if Award updating has been used, a complete listing of past damages an offsets. 3. Monthly Loss Element and Collateral Source Payments is a listing of individual future monthly payments by year. The monthly payments for Pain are increased by 4% each year. Collateral Source Offsets payments are increased by any COLA increase or for Social Security benefits, 3% a year. 4. Annual Loss Element and Collateral Source Payments is a listing of individual element future payments per year and part year. 5. Annual Loss Element and Collateral Source Discount Values is a listing of discounted individual element future payments per year and part year. The element total agrees the element net Award on the Valuation Summary, except for those elements to which Collateral Source Offsets apply. If expense and fee rates are applied against Collateral Source Offsets, the net will fairly closely approximate the Valuation Summary. Command Buttons activate a series of functions associated with reports. They include
B. To alter certain key variables primarily associated with future awards, to show the impact in the Valuation Summary and to directly compare the effects of different sets of variables.
C. To apply Award Interest and show the impact on the Valuation Summary. In Wrongful Death actions, future damages are discounted under Original 50B. Interest is applied from the event of loss (death), with somewhat different treatment for different components of loss.
In Personal Injury actions, pre-verdict interest is applied only in bifurcated cases, or those in which the liability verdict pre-dates the Award. In that case, the total Award is discounted back to the liability verdict before interest of 9% is applied.
D. To produce Judgment or payment Work-ups. This is a reprise of the Award Summary listing the allocation of expenses by element, listing Collateral Source offsets, and updating the Award for interim payments and interest. The various component amounts are detailed and allocated. E. To evaluate use of annuities to satisfy the various periodic payment streams. The Structured Settlement Protection Act provides that annuity costs are to be reported. This information has value only when it is compared to the remainder of the Net Award allocable to an annuity and the total payments to be made through an annuity. |
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