UK: (1) event giving rise to a claim, (2) financial disadvantage incurred by the insured as a result of an adverse contingency; (3) cost of settlement of a claim (4) in the term underwriting loss, an excess of amounts payable over amounts receivable (in the usual accounting sense) referable to underwriting.
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US: (1) The basis of a claim for damages under the terms of a policy. (2) Loss of assets resulting from a pure risk. Broadly categorized, the types of losses of concern to risk managers include personnel loss, property loss, time element loss, and legal liability loss.
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MEDICAL,USA: 1. Reason for an insurance claim for recovery of indemnity or payment for damages. 2. Any reduction of the quantity, quality, or value of a property.
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UK: A claim under a policy. The financial loss caused to the insured by the occurrence of the event insured against. Certain ‘loss’ definitions such as constructive total loss are contained in the Marine Insurance Act 1906.
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A general term used to refer to the amount of a claim filed by the insured. This term can also mean the amount the insured’s property value decreased as a result of a loss. This term can also refer to the amount an insurer has paid on behalf of an insured.
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An unintentional decline or disappearance in value arising from an event.
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An unplanned decrease in a property (or other) value which can be measured in rupee terms. As regards insurance the term generally refer to (i) The amount of reduction in the value of an insured’s property caused by an insured peril. (ii) The amount sought through an insurance claim. (iii) The amount paid on behalf of an insured under an insurance contract. (02) What the Policyholder may suffer an what insurance is designed to cover.
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US: The happening of the event for which insurance pays.

A person, sometimes called a public loss assessor, with specialist knowledge, appointed by the insured to assess his claim and negotiate a settlement with the insurer or insurer’s representative, e.g. loss adjuster.
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See: assessor.

1. Occurrence of a single loss. 2. An occurrence of several losses arising out of the same incident or catastrophe in accordance with a policy definition such as an hours clause or claims series clause.

Extension to a business interruption policy covering loss of gross profit due to damage to a nearby attraction that draws passing trade to the business. It is an external dependency. Fire damage at the main store in a shopping mall will reduce sales in neighbouring shops.

Documents vary in nature and value. Material damage policies provide cover only in respect of the cost of the materials and the cost of labour in reinstating the documents. There is no cover for consequential loss. Professional indemnity policies cover ‘all risks’ on the insured’s own documents and those for which the insured is responsible. They also cover the insured’s legal liability for loss of documents. See COMPUTER SYSTEM RECORDS.

The marine equivalent of ‘loss of use. A shipowner, who loses the use of his ship through an insured peril insures for ‘loss of engagements’.
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Where a ship owner is deprived of the use of a ship through an insured peril, e.g., collision, the loss consequential on loss of engagements is insurable.

As a separate head of claim it was abolished by the Administration of Justice Act 1982. However, if the claimant’s expectation of life has been reduced, any award for pain and suffering may take account of the claimant’s anguish caused by his awareness of this reduction.

Insurance for shipowners who may lose a charter as a result of a casualty. The insurance pays an amount per day for a certain number of days per year (e.g. 90, but could be 360) once a ‘time deductible’, e.g. 14 days, has been exceeded. Cover follows the International Hull Clauses but excludes total loss.

Covers commercial pilots against the risk of temporary grounding or loss of licence on medical grounds. The amount payable is a multiple of the pilot’s annual salary cover. The underwriting factors are: type of flying done; geographical limits; flying experience and type of aircraft flown; previous health record; previous licence invalidations.

A change in the nature or character of cargo, vessel or other property (e.g. bicycle crushed by steamroller) so that it is no longer the type of property that was insured. See ACTUAL TOTAL LOSS.
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There is said to be loss of specie when property the subject of insurance is so damaged that it ceases to be a thing of the kind insured, as where a motor cycle is crushed or clothes are burnt to ashes.