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Quantifying Loss

Quantifying Loss

Postby Russell » Wed Mar 30, 2016 8:19 am

Hi All, Something very strange has happened. Someone has admitting to being in the wrong :o

Even before moving house we arranged for a electrician to rewire. He was fully aware that this was urgent as due to working at home, disruption needed to be a minimum. However, he advised that the house didn't need rewiring. He then did 6 days of work, which could have been a rewire anyway. Anyway, we continued to have problems and got a second opinion who said it did need rewiring. The original electrian has also now agreed that the house should have been rewired and has informed we should submit a claim to his insurance.

But in the meantime we have done all kinds of work on the house and also delayed further work etc. Its a mess and calculating loss, will be extremely difficult for many reasons.

Is there a good resource that will assist with calculating loss? At what point would it be best to employ someone to calculate loss? Can you only claim for monetary loss? Would this be professional negligence, what are the keywords?

Thanks
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Re: Quantifying Loss

Postby atticus » Wed Mar 30, 2016 9:07 am

You might start by working out what the impact has been.

Then you can attempt to calculate the financial cost of that impact.

Keywords: Hadley v Baxendale, Victoria Laundry, Rylands v Fletcher, quantum, loss, pure economic loss, armadillo, consequential loss.
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Re: Quantifying Loss

Postby Russell » Wed Mar 30, 2016 10:37 am

Cheers it will be months before the final bill is in. Will have a read up, starting with Armadillo :)
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Re: Quantifying Loss

Postby dls » Thu Mar 31, 2016 7:36 pm

It looks a mess. Chances are that the costs of working it out properly may vastly exceed the actual loss. Settle.
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Re: Quantifying Loss

Postby Russell » Wed Apr 06, 2016 9:01 am

Thanks DLS there isn't anything to settle really as the insurance company haven't even been made aware yet.

Would it be possible to submit a primarily list of costs so we can get the ball rolling? We have had to agree a payment plan on our corporation tax as the bills, 6k just for the rewire have wiped us out. Maybe we could ask for an initial payment, because we now need to get all the damage repair which will be in the thousands but we don't have the money.

Any ideas :)
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Re: Quantifying Loss

Postby atticus » Wed Apr 06, 2016 6:17 pm

Just do that.

And check the Armadillo case.
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