Estimated Dollar Losses and Values
Definition: Estimates of the total property and contents dollar loss and the pre-incident value of the property and contents.
☛ An estimate of the property and contents dollar loss is required for all fires where the value is known.
Losses: Rough estimation of the total loss to the structure and contents, in terms of the cost of replacementin like kind and quantity. This estimation of the fire loss includes contents damaged by fire, smoke,water, and overhaul. This does not include indirect loss, such as business interruption.
Pre-incident Value: Estimation of the replacement cost of the structure and contents.
Purpose- Collecting property and content losses illustrates the magnitude of the fire problem, provides an additional indicator of the incident severity, and can be used to evaluate progress in fire protection. This informationcan help local communities, States, and the country determine the amount of money that should be spenton fire protection. Estimated property and content losses are also crucial for identifying types of situations where high monetary losses are common. This information helps target fire prevention programs. Loss estimates also can beused to evaluate the cost effectiveness of various equipment and fire protection practices. Pre-incident values help delimit the magnitude of the potential fire problem by providing a basis for comparison.
Monetary losses should be estimated as accurately as possible, though it is understood that the estimates may be rough approximations.
Estimated dollar loss is required for all fires reported in VFIRS. Pre-incident value is not required and is reported sporadically by most fire departments. Through education, marketing,and training, efforts are being made to educate the Virginia fire service on the importance of reporting both dollar loss and property value. By reporting loss and value, localities and the state get a better measure of the impact of fires in the Commonwealth.