Human perils relate to actions of individuals or a small group of individuals.
Ascertaining monetary effects means valuing the exposures of the property to identified perils.
For personal property, market value is the preferred method whereas for risk management purposes, the preferred ones are new replacement cost and new replacement cost less physical depreciation and obsolescence.
Net income loss happens primarily because the business loses use of that property in whole or in part, and as a result, either revenues are decreased or expenses are increased.
Personnel losses are caused by death, disability, retirement, resignation or unemployment.
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