What term describes the immediate actual physical damage to tangible property?

The term that describes the immediate actual physical damage to tangible property is direct loss. Direct loss refers specifically to damage that is a direct result of a covered peril, leading to a measurable impact on the physical items or structures. This type of loss is typically what insurance policies cover first and foremost, as it refers to the initial harm to property itself.

When discussing direct loss, it's important to note that it contrasts with indirect loss, which involves financial loss stemming from the inability to use the damaged property or from secondary effects. Contingent loss refers to losses that occur under certain conditions or depend on another event happening, which does not apply when simply describing immediate physical damage. Property damage is a more general term that can encompass various types of damage but does not specifically address the immediate and direct nature of the impact on tangible property. Thus, direct loss is the most precise term used to describe this situation.