partial loss

Partial loss refers to a situation where only a part of an asset or resource is lost, damaged, or diminished in value, rather than the entire item. For example, if a shipment of goods is partially damaged during transit, that's a partial loss. It is significant in insurance and business contexts because it involves assessing the remaining value of the undamaged portion and determining how much compensation is owed. Understanding partial loss helps individuals and businesses make informed decisions regarding risk management and recovery.