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In the past, some of the compensation to injured victims in Colorado was limited by “damage caps”.
Colorado Legislature recently approved HB24-1472, which allows for higher personal injury lawsuit damage caps. The latest version of the bill will move straight to Governor Jared Polis’s desk, where he will sign it without the need for another vote. At Tenge Law Firm, we are known as some of Colorado’s most trusted personal injury attorneys and trial lawyers, so we are pleased to see how this legal update will soon start to help injured plaintiffs statewide.
Once HB24-1472 is officially signed by Governor Polis, it will increase the damage caps for general liability case in Colorado as follows:
- General Liability:
- Non-Economic Damage Caps:
- Increase non-economic damages cap to $1,500,000 on January 1, 2025.
- New cap applies to claims filed on or after January 1, 2025, and before January 1, 2026, or any claim for relief that accrues on or after January 1, 2025.
- Inflations adjustment on January 1, 2028, calculated from 2025.
- Cap adjusts every 2 years thereafter on January 1 and applies to claims that accrue on or after the adjustment date.
- Wrongful Death Damage Caps:
- Increase wrongful death cap to $2,125,000 on January 1, 2025.
- New cap applies to claims filed on or after January 1, 2025, and before January 1, 2026, or any claim for relief that accrues on or after January 1, 2025.
- First inflation adjustment on January 1, 2028, calculated from 2025.
- Adjusts for inflation every 2 years thereafter on January 1 that applies to claims that accrue on or after the adjustment date.
- Allows additional claimants, including siblings and siblings’ heirs.
- Non-Economic Damage Caps:
The new law will provide new and improved opportunities for injured people to pursue the compensation they deserve.
Do you need to start a personal injury case in Colorado after an accident or losing a loved one? Talk to our trial attorneys at the Tenge Law Firm today by dialing (303) 219-7377. During a FREE consultation, we can discuss how we can pursue justice and maximize compensation for you, especially in light of the increased damage caps going into effect January, 2025.
