How to Determine Whether Damages Constitute Purely Economic Losses ?
In Loman v. Freeman, 375 Ill. App. 3d 445, 456, 874 N.E.2d 542, 314 Ill. Dec. 446 (2006), the court explained, "In contrast to a contractual claim, which alleges only economic damages or disappointed commercial expectations, a tort claim alleges the infliction of personal injury or property damage by a sudden or dangerous occurrence."
"Property damage" refers to damage to property other than the defective product itself. Loman, 375 Ill. App. 3d at 456.
In determining whether damages constitute purely economic losses, the following principles are relevant. Economic losses have been defined to include "'damages for inadequate value, costs of repair and replacement of the defective product, or consequent loss of profits-without any claim of personal injury or damage to other property.