Financial interest coverage

{
  "id": "MLC-T-INS-001508",
  "term": "Financial interest coverage",
  "field": "Insurance and risk management",
  "definition": "Insurance protection for a party's monetary stake in an asset or venture, even if they are not the direct owner. This coverage indemnifies the insured for financial losses suffered due to damage or destruction of the property in which they hold an interest. It is distinct from property damage coverage, which typically covers the owner for the cost of repair or replacement.",
  "url": "https://mlchart.com/terminology/insurance/financial-interest-coverage/"
}