Loss Assessment
/ˈlɔs əˌsɛsmənt/
Definitions
- (n.) An evaluation or appraisal of the financial liability that a property owner may be required to pay to cover shared damages or expenses within a common-interest development or insurance claim.
The condo board conducted a loss assessment after the flood to determine each owner's share of the repair costs.
Forms
- loss assessment
- loss assessments
Related terms
See also
Commentary
Loss assessment specifically relates to apportioning costs among multiple parties, often in contexts like condominium associations or insurance settlements; clarity about the scope and method is key when drafting related provisions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.