In the field of professional civil liability, errors or omissions in the provision of a service can generate different types of damages to third parties. One of the most relevant is the economic damage resulting from, which refers to the economic loss suffered by a third party as a direct consequence of previous material or personal damage.
This concept is key in liability insurance, as it determines what situations are covered and what claims may arise. In this article, we will analyze in detail What is economic damage, how does it differ from other types of damage and what implications does it have for professionals and companies?.
What is meant by resulting economic damage?
El economic damage resulting from is economic loss suffered by a third party as a result of prior material or personal damageThis means that, for this type of damage to exist, physical or material damage must first have occurred that affects a person or their property.
For example, if a power failure in an office building causes a fire that leaves a company out of business for several days, the financial losses suffered by that company would be considered a economic damage resulting from, since they arise from the material damage caused by the fire.
Differences between derived economic damage and primary patrimonial damage
El economic damage resulting from and primary property damage These are concepts that can cause confusion. However, the main difference is that the resulting economic loss is always linked to prior material or personal damage, while primary property damage occurs without physical or material damage.
| Concept | Definition | Example |
|---|---|---|
| Economic damage derived | Economic loss resulting from material or personal damage. | A fire in a restaurant prevents the business from operating for a week, causing financial losses. |
| Primary property damage | Economic loss suffered without prior material or personal damage. | A tax advisor makes a mistake on a client's tax return, resulting in a fine. |
Since the resulting economic loss is caused by material or personal damage, its coverage in a property insurance professional civil liability It is usually contemplated, although with certain limits and exclusions.
Examples of economic damages in different professional sectors
The resulting economic damage can affect multiple sectors and professions. Below are some common examples:
1. Architects and engineers
If a structural design failure in a building causes a partial collapse, companies occupying the building can claim for the economic losses resulting from the temporary closure of their offices.
2. Doctors and health professionals
If a surgeon makes a mistake during an operation, causing permanent injury to the patient, the patient could claim not only for physical damages, but also for the financial losses associated with being unable to continue working.
3. Technology companies
If a software company develops a buggy program that blocks sales from an online store, the affected company could claim losses incurred during the time the platform was down.
4. Consultants and advisors
If a financial advisor recommends a wrong investment based on incorrect data and his client loses a large sum of money, the resulting financial loss could be the subject of a legal claim.
5. Construction companies
If a construction company makes a mistake on a construction site that delays the delivery of a commercial building, businesses that planned to operate in that space can claim for financial losses resulting from the delay.
Implications of economic damages arising from professional civil liability
The resulting economic loss has legal and contractual implications that may affect professionals and companies that provide services. Below are some of the most relevant aspects:
1. Legal claims and lawsuits
When a third party suffers a financial loss resulting from material or personal injury, they may file a claim against the responsible professional or company. This can lead to high legal costs and affect the reputation of the business.
2. Professional liability insurance coverage
Many insurance companies professional civil liability They cover the resulting economic losses, provided that certain conditions are met. However, it is essential to review the terms of the policy, since some insurers establish limitations on this type of coverage.
3. Exclusions and limitations
Not all economic losses are covered by liability policies. Some common exclusions include:
- Economic losses without prior material or personal damage.
- Damages arising from specific breaches of contract.
- Economic damages resulting from intentional or fraudulent acts.
4. Impact on professional risk management
To avoid claims for financial damages, professionals and companies must implement good practices in their activity, such as:
- Ensure the quality of the service provided.
- Document every step of the process to demonstrate diligence.
- Review contracts and agreements to limit liability in the event of an accident.
- Have civil liability insurance appropriate for your activity.
How to choose insurance that covers the resulting economic loss?
To ensure that professional liability insurance covers any financial losses resulting from this, it is important to follow these steps:
- Review the policy carefully: Ensure that coverage includes economic losses and verify the established limits.
- Consult with an insurance broker: An expert can help you identify the best policy for your professional activity.
- Evaluate the professional activity and its risks: The greater the risk of causing financial harm, the greater the coverage contracted.
- Compare options from different insurers: Not all policies offer the same coverage, so it is advisable to analyze several options before making a decision.
En canarisk, We offer specialized advice so that professionals and companies can take out the professional liability insurance that best suits their needs.
El economic damage resulting from is an economic loss suffered by a third party as a direct consequence of prior material or personal injury. This type of injury is common in many professions and can give rise to significant legal claims.
To minimize the impact of these risks, it is essential to have a professional liability insurance to cover any resulting financial losses and to provide services as diligently as possible.
If you are looking for protection against possible claims for economic damages arising from, canarisk We can help you find the most suitable policy for your professional activity.
Do you need specialized advice? Contact Canarisk and protect your business with the best coverage.
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