Damage Calculation
Damage calculation is the process of determining the financial impact of an event, such as an accident or natural disaster. This involves assessing the extent of physical damage to property, vehicles, or infrastructure, as well as estimating the costs of repairs or replacements. Factors like labor, materials, and market value are considered to arrive at an accurate figure.
In insurance claims, damage calculation helps policyholders understand their potential compensation. Insurance adjusters evaluate the damage and apply relevant policies to determine payouts. This ensures that affected individuals receive fair compensation for their losses, allowing them to recover and rebuild effectively.