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. Such discoveries often are made as a result of a physical inventory, an analysis of material used, or routine audits.

1.2 Some occurrences of damage and destruction are the result of natural disasters or other incidents beyond the control of the company, agency, or institution, and are not subject to the standards in paragraph 7. However, the reporting of such instances in accordance with paragraph 8 is still required.

1.3 Some occurrences of LDD are a result of natural degradation or other incidents of fair wear and tear and are not addressed as a part of this practice.

1.4 Loss, damage and destruction, while three completely different occurrences, are addressed as one in this standard. For the purpose of this standard, reporting and evaluating loss, damage and destruction are the same.

1.5 Loss, damage and destruction are key aspects of risk management. Projecting the possibility or probability of LDD, reporting and managing, and minimizing LDD is a critical and economic factor in the success of any endeavor.

2. Referenced Documents (purchase separately) The documents listed below are referenced within the subject standard but are not provided as part of the standard.

ASTM Standards

E2132 Practice for Inventory Verification: Electronic and Physical Inventory of Assets

E2135 Terminology for Property and Asset Management

E2279 Practice for Establishing the Guiding Principles of Property Management

E2378 Practice for the Recognition of Impaired or Retired Personal Property

E2608 Practice for Equipment Control Matrix (ECM)

Keywords

damage; destruction tangible property; LDD; loss; Destruction (of property); Loss damage estimation; Property damage/loss/assessment; Assessment/Assesors--buildings; Destruction (of property); Loss damage estimation; Property damage/loss/assessment; Assessment/Assesors--buildings;

ICS Code

ICS Number Code 91.120.01 (Protection of and in buildings in general)

DOI: 10.1520/E2131-01

ASTM International is a member of CrossRef.