Total financial loss as a result of the death or disability of the wage earner or from destruction of property.
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UK: In tort, the term refers to losses that are ‘purely’ economic, i.e. those where the claimant has suffered financial damage but no personal injury or damage to property. Such losses are not generally recoverable in tort except when resulting from negligent statements made when a duty of care attaches, usually to a professional person, who has voluntarily assumed responsibility. Special damage, including pure financial loss (often extra expenses), resulting from a public nuisance is recoverable in tort. The courts prefer to deal with pure economic loss in the context of contracts rather than tort. For insurance implications see financial loss.