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 difference between direct 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.
Is an indirect loss is the same as a consequential loss?
Indirect losses that are the result of physical damage and adversely affect normal business operations may be considered consequential losses. Coverage of consequential losses may include compensation for ongoing obligations such as salaries and fixed operational expenses.
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