Misleading statements made in circumstances in which a duty of care exists.. They often cause ‘pure’ economic loss (i.e. financial loss unconnected with physical injury or damage). Claimants, not in a contractual relationship with professionals, must establish a tort liability on the basis that the defendant breached a duty of care causing loss. This is the only certain circumstance in which the law recognises a liability for pure economic loss in negligence. The basis of liability has been that the person making a statement outside a contract has ‘voluntarily assumed the risk’ and, having done so, must exercise reasonable care. See NEGLIGENCE; PROFESSIONAL INDEMNITY INSURANCE.