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ARTICLE · 11 AUGUST 2012

Reality bites: TV boss awarded $250,000 in lost pay

Cooper Grace Ward
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The case is important when determining future economic loss for high net worth individuals who suffer personal injury.

AustraliaInsurance
Tony Park
Tony Park
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The Queensland case of Balnaves v Smith [2012] QSC 192 is arguably one of the most important recent cases involving the determination of future economic loss for high net worth individuals who suffer personal injury.

Importantly, the case highlights some key implications for personal injury insurers.

Facts

The executive chairman of Southern Star Group Ltd (SSG) was awarded $250,000 for 'economic loss' arising from a horrific boating accident. Mr Balnaves was out on the water when a collision with another boat 'smashed' his right leg into his abdomen and 'imploded' his pelvis. He had more than 40 bones broken. It is important to note that the amount awarded was significantly less than the $7.9 million that he originally claimed.

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