Money Damages
Updated: 18 November 2024
What Does Money Damages Mean?
Money damages are monetary awards that one party is ordered to pay to another after losing a civil lawsuit. Insurance companies often sue each other for money damages, and policyholders may also sue insurance companies for money damages in certain situations.
Insuranceopedia Explains Money Damages
An insurance policyholder may sue an insurance company for money damages if the company refuses to reimburse a covered loss. In such a case, if the policyholder can prove that the insurance company is obligated to pay for the loss based on the terms of the insurance contract, the company could be forced to pay money damages to the policyholder.
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