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Special damages can include direct losses (such as amounts the claimant had to spend to try to mitigate damages) [15] and consequential or economic losses resulting from lost profits in a business. Damages in tort are awarded generally to place the claimant in the position in which he would have been had the tort not taken place. [16]
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 ...
This is in part due to the difficulty of measuring the financial damage in areas that lack insurance. For example, the 2004 Indian Ocean earthquake and tsunami, with a death toll of around 230,000 people, cost a 'mere' $15 billion, [1] whereas in the Deepwater Horizon oil spill, in which 11 people died, the damage was six times higher.
The big change would appear to be the devastating Los Angeles–area wildfires that caused some $250 billion in economic damages and exposed insurers to an estimated $45 billion in losses.
Economic loss is then divided into "consequential economic loss" - that which arises directly from some physical damage or injury (e.g. loss of earnings from having your arm cut off) and "pure economic loss", which is everything else. The fear behind allowing claims for "pure economic loss" is that potentially unlimited claims could flood in.
The Federal government provided $11.2 billion in immediate assistance to the Government of New York City in September 2001, and $10.5 billion in early 2002 for economic development and infrastructure needs. [18] The 9/11 attacks had great impact on small businesses in Lower Manhattan, located near the World Trade Center.
Economic Foundations of Injury and Death Damages, Roger T. Kaufman, James D. Rodgers, and Gerald D. Martin Editors, Edward Elgar Publishing Company, 2006. Measuring Loss in Catastrophic Injury Cases, Kevin Marshall and Thomas R. Ireland and John O. Ward Editors, Lawyers and Judges Publishing Company, 2006.
Economic torts are tortious interference actions designed to protect trade or business. The area includes the doctrine of restraint of trade and, particularly in the United Kingdom, has largely been submerged in the twentieth century by statutory interventions on collective labour law and modern competition law, and certain laws governing intellectual property, particularly unfair competition law.