economic loss

economic loss

in the law of tort or delict, certain claims for non-physical or non-proprietary damage caused negligently. Certain claims, although financial, are usually discounted from such discussion, viz. loss of wages consequent upon physical injury and loss of use following damage to property. The phrase then encompasses other cases where the plaintiff is suing because he has less money than he had before the events complained of There are, however, two kinds of cases that can be considered under this head, and they must be distinguished. There are primary claims, where the loss to the plaintiff has come directly and without any intervening damage to the person or property of another. Thus, negligent financial or legal advice causes such loss. Other cases are secondary: the plaintiff is poorer but only as a result of the defendant having harmed the person or property of another person, as where the defendant cuts an electricity company's cable but the plaintiff who operates an amusement arcade is poorer as a result. Cases of primary economic loss have the potential to be successful, whereas secondary cases are most likely to fail. Primary cases are governed by the principle of assumption of responsibility for the potential loss. Secondary cases are governed by a long line of authority disallowing recovery based upon contractual and other relations to the primarily injured party. There are exceptions to the non-recovery rule in secondary cases, and that is where the plaintiff has some possessory title like lien or hypothec; in these cases he may sue.
References in periodicals archive ?
These direct rights can also help avoid an economic loss rule defense by the offending party (the economic loss doctrine generally provides that a party cannot recover in negligence for its purely economic loss i.
For some claims, the economic loss doctrine can be a roadblock to subrogation.
The economic loss doctrine has prevented countless plaintiffs from recovering their economic losses in tort.
If Mount Pinatubo erupted today with the same intensity as in 1991, it would cause an economic loss of about $2 billion.
They said Pakistan was facing a huge economic loss only because of wrong statements and irrational attitude of those political players.
BAGHDAD / NINA / The economic security adviser in the Ministry of Natural Resources in the Kurdistan, Bioar Khansi warned from the continued burning of oil wells by Daesh in the liberated areas, noting that will lead to an ecological disaster of great economic loss for Iraq.
From an economic loss perspective, earthquake was the costliest disaster type during the period (USD34 billion), comprising 30 percent of the loss total, mainly attributable to two powerful earthquakes that struck Japan's Kumamoto region on April 14 and April 16.
Mujigae has caused a direct economic loss of 136 million yuan to south China's Hainan Province, affecting 489,000 people in seven cities and counties, local authorities said.
Contrastingly, approximately 2% of the multi-billion-dollar economic loss caused by the Nepal earthquake had insurance coverage.
While annual economic loss estimates have steadily grown, AIR found that this trend disappears when adjusted for inflation and gross domestic product.
TOKYO, Nov 26 (KUNA) -- More than 160 South Korean fishermen staged a rally in the West Sea on Wednesday to protest the government's latest measures against illegal Chinese fishing, demanding state compensation for their economic loss, Yonhap News Agency reported.
In response, the final regulations change the requirement that employers must prove a substantial business hardship to one that an employer be operating at an economic loss before it can reduce or suspend nonelective contributions and add economic loss as a requirement for reducing or suspending matching contributions.