Definition of "Consequential loss"

Floyd Turner real estate agent

Written by

Floyd Turnerelite badge icon

Keller Williams Real Estate

Value of loss resulting from loss of use of property. For example, a fire damages the structure of business premises and the business loses customer income until it can reopen. The loss in income the consequential loss can be covered under business interruption insurance. Basic property insurance policies, such as the fire policy, do not cover the consequential or indirect loss.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Act in which volunteers of nonprofit organizations and government entities do not incur liability if they are acting within the scope of their volunteer activities, their actions do not ...

Modest amounts of coverage sold on a debit basis. The face amount is usually less than $1000. ...

Professional designation conferred by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. In addition to professional business ...

Type Of GUARANTEED INVESTMENTS CONTRACT in which funds for the contract are put in the insurance company's general account ...

Partnership in which family members hold all interest in the partnership. This partnership is treated as a cash flow through stand-alone entity. All sums of income and credits, as well as ...

Coverage in which one premium payment is made and the policy is fully paid up with no further premiums required. ...

Risk that premiums and reinsurance, as well as other receivable instruments, will not be collected. ...

Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential sources of loss; (2) measuring the financial consequences of a loss occurring; and (3) ...

Same as term Captive Insurance Companies Association (CICA): trade association located in New York City, consisting of approximately 200 captive insurance companies. The objective of the ...

Popular Insurance Questions