Generally refers to (1) the amount of reduction in the value of an Insured’s property caused by an Insured peril; (2) the amount sought through an Insured’s claim; or (3) the amount paid on behalf of an Insured under an insurance contract.
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Damages awarded by a Court, in an action for liability, to set an example; rather in the form of a punishment against the defendant than to make good a loss suffered by the plaintiff.