A type of loss that results from physical damage to property/ assets, which is recoverable under normal situations. The claimant, owner of the property/ assets can recover such a loss (through courts of law). It is unlike the so-called pure economic loss, which doesn’t arise from personal injury or damage inflicted on such a property.
The damages, in this sense, are recovered (compensated) in payment for actual injury/ damages sustained by an owner of property/ assets (i.e., financial loss), and therefore do not include punitive damages (additional damages linked to malicious or grossly negligent action).
This loss is also known as a economic loss.
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