Which of the following is an example of consequential (indirect) loss
However, the factory could not produce goods as the fire destroyed most machines. Till the owner purchases a new set of machinery, the operations will remain halted. This loss due to the halting of daily business operations is an example of consequential loss as it is an indirect loss.
Which of the following is an example of an indirect loss quizlet?
Cost of paying and defending liability claims is an example of an indirect loss from pure risk.
What is the difference between indirect and consequential loss?
Consequential loss (also known as indirect loss) arises from a special circumstance of the case, not in the usual course of things.
What is the meaning of consequential losses?
What Is Consequential Loss? A consequential loss is an indirect adverse impact caused by damage to business property or equipment. A business owner may purchase insurance to cover any damage to property and equipment, and may also obtain coverage for secondary losses.
What is indirect property loss?
A loss or damage that results from an insured's inability to use his/her property because of direct loss to the property of others.
What is indirect or consequential loss?
Indirect or consequential loss (second limb) is a loss which arises from particular and unusual circumstances that the parties knew or should have known about at the time the contract was entered in to, and do not flow naturally from the breach.
Which is an example of a consequential loss?
This loss due to the halting of daily business operations is an example of consequential loss as it is an indirect loss. It is not covered under the insurance for direct losses. You are free to use this image on your website, templates, etc, Please provide us with an attribution link
What is an example of indirect loss in insurance?
Exclusion clauses are some of the most important provisions in any commercial contract and form the backbone in determining the loss suffered if in breach of contract. The success
In addition, as discussed above in the case law examples, the second limb of the Hadley v Baxendale test is open to interpretation by the court, which makes the meaning of a consequential loss exemption clause unpredictable. However, the unpredictability of consequential loss does not mean that it will be always be recoverable by the claimant. The claimant will only succeed if they can prove breach and causation, overcome the obstacle of remoteness, and show that they have taken adequate ...
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- which of the following is an example of consequential (indirect) loss