What is the meaning of indirect losses?
Indirect loss – losses which do not naturally result from a breach and are not recoverable unless the defaulting party had special knowledge of the potential for such loss at the time of the contract.
What is the difference between direct loss and indirect loss?
Direct losses refer to the physical or structural impact caused by the disaster such as the destruction of infrastructure caused by the force of high winds, flooding or ground shaking. Indirect effects are the subsequent or secondary results of the initial destruction, such as business interruption losses.
What covers indirect losses?
Indirect losses are also called consequential losses, because they are consequences of direct losses. To summarize, the two main types of indirect loss are (a) loss of income; and (b) extra expenses.
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