MLchartDataset catalogue

Consequential damages

Term · Insurance and risk management · MLC-T-INS-000905

Indirect losses that arise as a result of a direct loss, but are not directly caused by the insured peril itself. These damages are typically economic losses, such as lost profits, business interruption, or loss of use, that occur after the initial damage. They are recoverable in contract or tort law if they were foreseeable at the time of the contract or injury.

Table 1. Record
IdentifierMLC-T-INS-000905
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-000905",
  "term": "Consequential damages",
  "field": "Insurance and risk management",
  "definition": "Indirect losses that arise as a result of a direct loss, but are not directly caused by the insured peril itself. These damages are typically economic losses, such as lost profits, business interruption, or loss of use, that occur after the initial damage. They are recoverable in contract or tort law if they were foreseeable at the time of the contract or injury.",
  "url": "https://mlchart.com/terminology/insurance/consequential-damages/"
}

Record 703 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.