Definition: Actual loss, or sometimes known as actual loss sustained, in insurance means that the actual loss is covered but still usually up to a certain limit.
Although an actual loss sustained is covered completely, most policies have a percentage limit on how much of the actual loss sustained coverage limit is. This is usually a percentage of a separate coverage in the insurance policy.
Alternate Spellings: actual loss sustained, loss of use
Examples:
In Jamie's homeowners insurance policy her loss of use (loss of use is when you are not able to live in your house and loss of use coverage will provide expenses incurred to live elsewhere such as a hotel) coverage will cover the actual loss sustained but only up to 10% of coverage A. Her coverage A(building) limit is $100,000 so her actual loss sustained limit for loss of use would be $10,000.
