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Legal Terms - economic loss
The courts differentiate between financial or economic loss arising from physical damage, which is typically recoverable, and pure economic loss, which does not stem from personal injury or damage to the claimant's property (Spartan Steel & Alloys v Martin & Co (Contractors) Ltd [1972] QB 27 (CA)). The courts impose a somewhat restricted duty of care for pure economic loss.
The courts differentiate between financial or economic loss arising from physical damage, which is typically recoverable, and pure economic loss, which does not stem from personal injury or damage to the claimant's property (Spartan Steel & Alloys v Martin & Co (Contractors) Ltd [1972] QB 27 (CA)). The courts impose a somewhat restricted duty of care for pure economic loss.
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