Ind. Code § 34-51-3-4 : CIVIL LAW AND PROCEDURE — DAMAGES — PUNITIVE DAMAGES —51-3-4 - Maximum award of damages TEXT PDF A punitive damage award may not be more than the greater of: (1) three (3) times the amount of compensatory damages awarded in the action; or (2) fifty thousand dollars ($50,000). IC 34-51-3-4 Pre-1998 Recodification Citation: 34-4-34-4. As added by P.L. 1-1998, SEC.47.