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ASTM E2131

Standard Practice for Addressing and Reporting Loss, Damage, or Destruction of Tangible Property

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Organization: ASTM
Publication Date: 1 September 2009
Status: inactive
Page Count: 3
ICS Code (Protection of and in buildings in general): 91.120.01
scope:

This practice focuses on addressing and reporting loss, damage, or destruction (LDD) of tangible property.

LDD events are key aspects of risk management. Projecting the possibility or probability of LDD, discovering, disclosing, reporting, managing, and minimizing LDD is a critical and economic factor in the success of the owning or holding entity. This practice also establishes acceptable levels of LDD.

LDD events are often discovered as a result of a physical inventory or other audit. An actual LDD event can occur at any time during the property life cycle.

LDD events resulting from natural disasters or other incidents beyond the control of an entity are not subject to the criteria in 1.7. Reporting LDD events is required.

Natural degradation or normal wear and tear are not considered LDD events and are not addressed in this practice (they may, however, be considered in establishing residual value).

Loss, damage, and destruction, while three completely different events, are addressed as one for the purposes of this practice.

This practice does not address situations where LDD is an expected outcome, for example, destructive testing.

Assessing pecuniary liability for loss, damage, or destruction is not addressed in this practice; such assessments are subject to law.

This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety and health practices and determine the applicability of regulatory limitations prior to use.

Document History

April 1, 2016
Standard Practice for Addressing and Reporting Losses of Tangible Property
This practice focuses on addressing and reporting losses of tangible property. Loss occurrences are key aspects of risk management. Projecting the possibility or probability of losses, discovering,...
ASTM E2131
September 1, 2009
Standard Practice for Addressing and Reporting Loss, Damage, or Destruction of Tangible Property
This practice focuses on addressing and reporting loss, damage, or destruction (LDD) of tangible property. LDD events are key aspects of risk management. Projecting the possibility or probability of...
January 10, 2001
Standard Practice for Assessing Loss, Damage, or Destruction of Property
1. Scope 1.1 This practice covers the assessment of loss, damage, and destruction (LDD) of property, assets, or material. LDD occurs when such property is found to be missing, damaged, or destroyed....

References

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