Question 1

What are The Smart Tables®?

Accepted Answer

The Smart Tables® is a tool to be used to assist in the valuation of loss of future earnings in matters in common law jurisdictions which involve injury, disability and death. It will produce multipliers that are based on actuarial principles.

Question 2

Who can use The Smart Tables®?

Accepted Answer

Anyone. Access to the use of The Smart Tables® is not restricted.

Question 3

Why should I use The Smart Tables® methodology instead of the traditional approach to the calculation of multipliers?

Accepted Answer

To reduce the cost, time and uncertainty associated with litigation and to bring consistency to awards for Loss of Future Earnings, using actuarial principles, applied in the context of data available in Trinidad and Tobago.

Question 4

Has The Smart Tables® methodology been applied in any decided case in Trinidad and Tobago or elsewhere?

Accepted Answer

Trinidad and Tobago is the first jurisdiction in which The Smart Tables® methodology has been introduced. Though The Smart Tables® themselves have not been used, the underlying principles have long been applied with judicial support in the UK. The Smart Tables® is the first attempt at localizing the supporting data.

Question 5

Why are Actuaries involved in The Smart Tables® methodology?

Accepted Answer

Actuaries are able to apply established statistical models, economic assumptions, and professional standards to develop fair and consistent multipliers. Their experience ensures that the calculation of the multiplier is evidence-based, objective, and aligned with the long-term financial and demographic expectations. As a result, actuarial input helps to determine a multiplier that is transparent, technically sound, and equitable.

Question 6

Can The Smart Tables® be used to calculate damages for pain suffering, loss of amenities or any other heads of loss besides loss of future earnings?

Accepted Answer

No.

Question 7

Do The Smart Tables® take into account the vicissitudes of life?

Accepted Answer

Yes. The Smart Tables® are premised upon demographic assumptions. However, multipliers generated by The Smart Tables® are always within the context of the evidence in any particular case - so that there may be adjustment to The Smart Tables® multiplier by the court based on evidence of comorbidity, shortened life-span, other mortality or health risk factors.

Question 8

What is the difference between The Smart Tables® approach and the Traditional Approach to the calculation of multipliers?

Accepted Answer

The traditional approach to multipliers was to reduce the number of years during which a person was likely to earn an income by an often arbitrary estimate to take into account uncertainties. By factoring into local and relevant data, The Smart Tables® produces a more certain result.

Question 9

Can The Smart Tables® be used pre-action?

Accepted Answer

Yes. Loss of future earnings is often the largest component of an award of damages in personal injury cases; and so, the multiplier is usually a point of divergence between the parties which results in the failure of negotiations. The Smart Tables® removes that uncertainty.

Question 10

Would The Smart Tables® be relevant in a few years?

Accepted Answer

Yes. The Smart Tables® would be reviewed at intervals to ensure its underpinnings remain apt.

Question 11

How do I use The Smart Tables® in the conduct of a case?

Accepted Answer

The multiplier generated by The Smart Tables® may be relied upon in any case through agreement between the parties. If there is no agreement, the party propounding the multiplier generated by The Smart Tables® may adduce expert evidence thereon from any of the actuaries on The Smart Tables® Team.

Frequently asked questions