Our glossary puts an end to insurance jargon and provides simple explanations and information from A to Z on the most common technical terms from the insurance world.
Pecuniary damage or loss is known as financial loss. Pure or real financial loss is financial damage that is not a result of property damage or personal injury.
Here is an example of real/pure financial loss: An IT service provider makes a mistake when programming an online shop. The shop is then down for days. The loss of sales by the shop operator is the financial loss for which the IT specialist is responsible. It is a pure/real financial loss.
Here is an example of consequential loss: An IT freelancer accidentally knocks a client’s laptop off the table during a meeting. This damages the hard drive and renders important data inaccessible. He has to hire a data recovery company to restore the data. The IT freelancer has to pay the costs for this. This is consequential financial loss, as the client’s financial loss resulted from the property damage to the laptop.
Economic loss is a term of art which refers to financial loss and damage suffered by a person which is seen only on a balance sheet and not as physical injury to person or property.
https://en.wikipedia.org › wiki › Pure_economic_loss
is known as financial loss. Pure or real financial loss is financial damage that is not a result of property damage or personal injury. Here is an example of real/pure financial loss: An IT service provider makes a mistake when programming an online shop. The shop is then down for days.
A financial loss is a financial damage suffered by one or more people because of faulty service performed by an organisation. The loss is not directly attributable to personal injury or damage to property.
There are two main types of economic loss: pure economic loss and consequential economic loss. Pure economic loss is usually defined as financial loss that excludes property damage.
Pure Financial Loss means any financial claim which is measurable in monetary terms and neither occurred in consequence of a Bodily Injury nor Property Damage. Claims may include a breach of law, duty or confidentiality, dishonest or fraudulent act by employees, patent infringement etc.
For example, a flooring contractor lays a floor that isn't fit for purpose and the floor has to be re-laid, causing the delivery of a new machine to be delayed. The client faces additional costs for storage and transportation of the machine and claims against the contractor for financial loss.
at a loss bankrupt behindhand defaulting delinquent in arrears in debt in dire straits in hock in the hole insolvent nonpaying to the bad unprofitably.
Pure economic loss means monetary loss which has not been caused by personal injury or damage to other property. In a construction context, the most obvious example is the cost of carrying out works to remedy defects themselves. The general rule is that pure economic loss is not normally recoverable in tort.
Nor can he recover his losses occasioned by, for example, shutting down his factory while the cracks are being rectified. These two losses are known as "pure economic loss". They are generally not recoverable in negligence. This is because a duty of care must be consistent with an assumption of responsibility.
Those risk financing methods include: (1) insurance; (2) self-insurance; (3) mutual insurance; (4) finite risk contracts; and (5) capital markets. Below is a discussion of each.
Loss cost, also known as pure premium or pure cost, is the amount of money an insurer must pay to cover claims, including the costs to administer and investigate such claims. Loss cost, along with other items, is factored in when calculating premiums.
This coverage protects against financial loss as the result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and settlement bonds or judgments.
Here is an example of real/pure financial loss: An IT service provider makes a mistake when programming an online shop. The shop is then down for days. The loss of sales by the shop operator is the financial loss for which the IT specialist is responsible. It is a pure/real financial loss.
Financial Loss Cover provides cover against financial losses caused by your company or employee to a third party that are not connected to bodily injury or material damage.
to lose money: to have less money than before; to misplace money, to mislay money idiom. This is an irregular verb: I lose money / I lost money / I have lost money. "The shipments are sometimes 3 to 4 weeks late, which delays our entire operation, and of course we're losing money."
What is a business loss? A business loss occurs when your business has more expenses than earnings during an accounting period. The loss means that you spent more than the amount of revenue you made. But, a business loss isn't all bad—you can use the net operating loss to claim tax refunds for past or future tax years.
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