What is the definition of Economic Loss?
Economic Loss refers to the financial loss. For persons or families, this means the loss of earnings because of the disability or the death of an income owner. For businesses, this means the loss of income that results from damage or destruction to a commercial property.
Economic loss usually includes medical expenses, burial and funeral expenses, as well as legal expenses, payments for a lost liability suit and the cost of replacing or repairing the damaged property.
To compute for the economic loss of a property, it is valued according to the earnings potential of the business that the business failed to earn because the business was not in operation.
This kind of loss does not cover the pain or grief that results from the death or injury.
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- Electronic Commerce / E-Commerce
- Elimination Period
- Employee Dishonesty Coverage
- Employee Retirement Income Security Act (ERISA)
- Employer’s Liability
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- Equity
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