Loss Assessment is the process of evaluating the extent of damage or loss in a specific situation, often related to insurance claims or property damage. This assessment helps determine the financial impact of the loss and guides the decision-making process for compensation or repairs. During a loss assessment, professionals inspect the affected area, gather evidence, and document findings. This information is crucial for insurance companies, property owners, and other stakeholders to understand the severity of the loss and to facilitate appropriate responses, such as filing claims or initiating recovery efforts.