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.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
'A large-sized organization in the Philippines can possibly incur an economic loss of $7.5 million, more than 200 times higher than the average economic loss for a midsized organization ($35,000); and
Rush was awarded $850,000 in general and aggravated damages plus more than $1m for past economic loss, $919,678 in future economic loss and $42,000 in interest, the Australian Broadcasting Corporation reports.
Bangladesh is facing economic loss of Taka 30,570 crore or 3.6 billion US dollars in a year due to use of tobacco, on Saturday said a study titled, 'Economic Cost of Tobacco Use in Bangladesh: A health cost approach', reports BSS 'Bangladesh has been facing economic losses due to tobacco related illness and premature deaths...Only the financial loss is 30,570 crore or $ 3.6 billion US dollars annually that is 1.4 per cent of the national income (GDP) of the fiscal year 2007-18,' said the study.
According to a recent one, Pakistan suffered an economic loss of $384 million due to extreme weather events last year.
According to the index, Bangladesh suffered an economic loss of 2.8 billion U.S.
Senator Loren Legarda, the the Global Champion for Resilience of the United Nations Office for Disaster Risk Reduction (UNISDR), made the call ahead of today's observance of World Tsunami Awareness Day which aligns this year with the International Day for Disaster Reduction and the Sendai Seven Campaign focusing on Target "C" of the Sendai Framework for Disaster Risk Reduction aimed at reducing direct disaster economic loss in relation to GDP.
He expressed condolence with the bereaved families and called upon the Government to take urgent measures to eliminate terrorism from the country as these incidents would badly effect trade and investment activities and cause huge economic loss to the country.
Badin -- Growers of Badin were sustaining acute water shortage for long which has caused them huge economic loss and their fertile soils were becoming barren.
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.e., not personal injury or property damage).
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.