What does Economic Loss Doctrine mean? Read on to discover the definition & meaning of the term Economic Loss Doctrine - to help you better understand the language used in insurance policies.
Economic Loss Doctrine
A legal principle that precludes recovery by an injured party for purely economic damages if there is no privity of contract with the tortfeasor. This argument has been used by design professionals to avoid liability for claims by contractors, tenants, and others who suffered economic loss as a result of design errors or omissions.
We hope the you have a better understanding of the meaning of Economic Loss Doctrine.