Loss and Expense Claims In Simple Terms

Loss and Expense claims in Simple Terms

Loss and expense claims are requests for reimbursement of expenses incurred by an individual or organization due to a loss or damage to their property or business.

Loss claims typically involve damage or destruction to property, such as a car accident, fire, theft, or natural disaster. In these cases, the individual or organization may file a claim with their insurance company to recover the financial losses incurred.

Expense claims, on the other hand, are requests for reimbursement of out-of-pocket expenses incurred by an individual or organization, such as travel expenses, office supplies, or other business-related expenses such as disruption and prolongation of contract works. These claims are often submitted to an employer or a client for reimbursement.

In both cases, the claims typically involve submitting documentation of the expenses incurred, such as receipts or invoices, and may require some level of verification or approval before the reimbursement is issued. One common misconception is that loss and expense is tied to extension of time claims which is generally not the case, they are seperate claims.

Here at Decode we can provide commerial support in the preparation and defense of loss and expense claims.