Calculation of incurred damages

One of the activity of our company is the estimation of the amount (incurred losses) of property damage. According to the Civil Code of the Republic of Lithuania, damage is defined as a loss of or damage to a person’s property and incurred expenses (direct losses), the monetary expression of damage being losses.

 

Our company experts have great experience in the field of valuation of various assets and calculation of damages and are ready to provide professional services and information:

  • If you require to calculate the amount of losses incurred as a result of the damage caused to the property by the third parties in order to make a reasonable claim;
  • In case of a dispute with the relevant insurance expert regarding the determined amount of damage;
  • If you require to calculate the amount of damage caused by the natural forces;
  • In case of questions regarding the necessity of property valuation determining the amount of damage;
  • Upon receipt of a claim regarding the damage caused and doubting the amount of damage specified in the claim or the method of calculating the amount of damage;
  • In case of procedural irregularities by the relevant insurance expert in determining the amount of damage.

Relevant information if your motor vehicle was damaged in a traffic accident:

  • According to the Law on Compulsory motor third party liability insurance of the Republic of Lithuania, the relevant insurer or Motor Insurers’ Bureau of the Republic of Lithuania (hereinafter – the Bureau) must immediately, no later than within 3 working days from the date of receipt of a written third party accident report, send an authorized person to inspect the damaged or destroyed property, write an inspection report and make it available for signature to the aggrieved third party.
  • If the person authorized by the relevant insurer or the Bureau has not arrived within the set term, the aggrieved third party has the right to hire a property valuer to determine the amount of damage to the property. In this case, the relevant insurer or the Bureau must reimburse the reasonable costs incurred by the aggrieved third party in hiring a property valuer.
  • The aggrieved third party shall have the right (party has a right), on their own initiative and at their own expense, to have recourse to experts to determine the extent of the damage.
  • Always ask the relevant insurer to provide calculations for determining the amount of damage (estimate of repair work).