What does casualty loss mean?

casualty loss meaning in Legal Dictionary

n. in taxation, loss because of harm which qualifies for a casualty reduction taxation deduction. It must be brought on by a-sudden, unforeseen or uncommon event like a storm, flood, fire, shipwreck, quake or act of God, but wouldn't normally include steady damage from water seepage or erosion.

casualty loss meaning in Business Dictionary

insurance coverage business term for an economic reduction caused by a casualty. Uninsured casualty reduction are written off against that or perhaps the past year's income. See also disaster loss.