Claims for Economic Loss may arise where no Business Interruption insurance exists or where insurance cover specifically excludes the loss event. These claims generally arise from damages caused by a third party. Claims in these situations may appear similar to those under Business Interruption or Consequential Loss insurance policies. For instance, claims may include : -

(a) Loss of Gross Profit associated with a Reduction in Turnover.
(b) Additional Costs.
(c) Savings.
(d) Claim Preparation Costs.

Such claims are not limited by insurance policy Indemnity Periods or sub limits and wider damages may be sought, for example, for financing costs as a result of the action/damage.

Claim Solutions have been appointed by many corporations and solicitors to prepare economic loss claims as a result of damage by a third party.