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Special damages are sometimes divided into incidental damages, and consequential damages. Incidental losses include the costs needed to remedy problems and put things right. The largest element is likely to be the reinstatement of property damage. Take for example a factory which was burnt down by the negligence of a contractor.
In order to seek consequential damages, a party who has suffered physical injury, property damage, or financial loss needs to perform a duty to mitigate damages, which means that they have an obligation to reduce or minimize the effect and any losses resulting from the injury. [5]
Property damage (sometimes called damage to property), is the damage or destruction of real or tangible personal property, caused by negligence, willful destruction, or an act of nature. Destruction of property (sometimes called property destruction , or criminal damage in England and Wales ) is a sub-type of property damage that involves ...
"We expect insured losses to run well into the billions of dollars, given the high value of homes and businesses in the affected areas, and to cause large losses for P&C insurers with significant ...
In some cases, such as defamation per se, damages may be presumed. Recovery for non-pecuniary losses, such as emotional injury, are normally recoverable only if the plaintiff has also proved a pecuniary loss. [38] Examples of pecuniary loss include medical bills that result from an injury, or repair costs or loss of income due to property damage.
Before selling rental properties or other investment real estate at … Continue reading → The post Writing Off Losses on Sale of Investment Property appeared first on SmartAsset Blog.
"The yacht owner shall indemnify, defend, and hold harmless the marina from any costs, expenses, damages, and against all claims, demands, loss, lawsuits, including judgments and attorney fees for damages to property, injury or life to third parties resulting or arising from the yacht owner's use of the yacht."
Economic loss is a term of art [1] 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. There is a fundamental distinction between pure economic loss and consequential economic loss , as pure economic loss occurs independent of any physical damage ...