In short, this refers to losses that are covered by PIP and OBEL. The full definition is found in N.Y. Insurance Law 5102(a). Note that 5102(a)(5) says that there is an option to purchase an additional $25,000 worth of PIP coverage (over and above the $50,000 standard) and that this amount (known as OBEL, or "Optional Basic Economic Loss") is part of the term "basic economic loss." This means that all provisions of the insurance law apply equally to OBEL as they apply to PIP.