casualty loss

Definition

Financial loss or loss of property arising from a sudden, unexpected event such as an accident.

Use casualty loss in a sentence

You need to make sure that you are fully prepared to handle any casualty loss that may come your way.

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Considering the severity of the car accident, he was lucky to only experience casualty loss and to walk away unharmed.

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The fire that we had in the warehouse and office last year caused a casualty loss on our tax return and we had some deferrals to consider when doing tax planning.

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