Expected annual loss (EAL), is an effective way of communicating the seismic vulnerability of constructed facilities to decision makers. A simplified method for approximating EAL without conducting time consuming non-linear dynamic analyses is presented. Relationships between intensity measures and engineering demand parameters resulting from a pushover analysis and a modified version of the capacity spectrum method are combined with a variety of epistemic and aleotoric uncertainties to arrive at a demand model. Financial implications due to damage are quantified by loss ratios defined as repair cost divided by replacement cost. The method is verified by performing a comprehensive Incremental Dynamic Analysis. An example illustrating the method is performed, comparing the seismic vulnerability of two highway bridge piers; one designed for ductility, and the other designed for damage avoidance. The damage avoidance pier has a clear advantage over the conventional pier, with an EAL some 80% less than its ductile counterpart.