Until recently, the Courts of Justice Act allowed for prejudgment interest and defined it as the bank rate with the exception of non-pecuniary losses determined by the rules of the court. The Rules of Civil Procedure set the interest rate for non-pecuniary damages in motor vehicle cases at five per cent. Among the amendments made to the Insurance Act earlier this year was the provision that the Courts of Justice Act doesn’t apply to the calculation of prejudgment interest for damages for non-pecuniary losses related to injury or death arising from an automobile accident.
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FAIR – supporting auto accident victims through advocacy and education
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FAIR – supporting auto accident victims through advocacy and education
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FAIR – supporting auto accident victims through advocacy and education