The Indiana Economic Loss Doctrine prohibits two parties with a contractual relationship from bringing a tort action against each other for economic losses. Though the doctrine can have a negative impact on your claim, we’ll review potential avenues to recovery.
The Economic Loss Rule
Economic Loss Rule The Economic Loss Rule is a doctrine that prohibits recovery for an economic loss resulting from a wrongful act or an infringement of a right, when unaccompanied by physical property damage or personal injury. Instead, only parties to the contract or contractual beneficiaries may recover economic losses....
Exceptions to the Economic Loss Doctrine
Economic Loss Doctrine An economic loss refers to a financial loss and damages suffered by a person or entity, which arise from a defect in the qualitative nature of the product, service, or improvement that was bargained for. Generally, an economic loss is observed on assets (i.e., “the books”) rather...
Navigating the Illinois Economic Loss Doctrine
The Illinois Economic Loss Doctrine, or the Moorman Doctrine as it is known in Illinois, can be a roadblock to recovery. Before you close your file, take a closer look, armed with exceptions that may help you navigate your way to the other side.