Diminution in value

{
  "id": "MLC-T-LAW-001617",
  "term": "Diminution in value",
  "field": "Law",
  "definition": "The reduction in the market price of property or an asset due to damage, impairment, or other adverse events. This loss can occur even after repairs, as the item may still be perceived as less desirable. It is a common measure of damages in tort and contract cases, particularly in insurance claims for damaged vehicles or real estate.",
  "url": "https://mlchart.com/terminology/law/diminution-in-value/"
}