The impairment of value which does not arise as an immediate result of an act, but as an accidental result of it. The term consequential damage applies only in the event no part of land is actually taken. The damage resulting from the taking of a fraction of the whole, that is over and above the loss reflected in the value of the land actually taken is commonly known as severance damage.

A loss that results from direct damage to property. Such loss can occur when property becomes too hot, too cold, too wet, or too dry because an insured peril caused direct damage either to the premises or some remote facility that controls its environment. Consequential loss is usually specifically excluded by the Standard Fire and Allied Perils or any other Basic Standard Policy. See Also: “Business interruption” and “Change in condition.”
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Also known as indirect loss, consequential loss involves a loss that is the consequence of a direct loss. For example, a fire may destroy a business (direct loss) and the business then loses profits because it is not able to operate (consequential loss). Other examples are loss of use under the homeowners policy and extra expense coverage for various business policies. Consequential loss may not be included in a policy covering direct loss unless the particular type of consequential loss is stipulated and an additional premium is paid.
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An indirect consequence of direct loss to property. Business income may be lost when a store burns down, or frozen goods may spoil when windstorm causes an interruption of power. Consequential or indirect loss is not generally insured by policies covering direct damage (i.e., by fire or wind as in these examples), but insurance is readily obtainable separately for most such consequential exposures—business income coverage being among the most common coverage.
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US: Financial loss occurring as the consequence of some other loss. Often called an indirect loss.
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UK: The term, unless defined in a contract, follows the rule for contractual damages and embraces losses flowing directly from the breach, e.g. late delivery that increases costs. Consequential losses are generally regarded as the more remote consequences that were not reasonably foreseeable by the parties. Contracts that define consequential are more likely to limit a person’s rights than a claus that simply excludes liability for consequential loss without definition. In insurance the term is used to refer to expenses such as the cost of temporary relocation, while fire damaged property is being repaired. The term ‘consequential loss insurance’ has been replaced by ‘business interruption insurance’. Consequential loss is not covered under material damage insurances.

Policy provides indemnity for loss of gross profit (net profit plus insured standing charges). In addition, the Policy indemnifies the increased cost of working i.e., the abnormal expenditure incurred by the insured to keep the business, as far as possible, at its normal level. The perils covered are the same as those covered under the standard Fire Policy. However, the Policy may be extended to cover special perils like failure of electrical/gas/water supply and property situated elsewhere.

An indirect loss caused by the insured not being able to use his or her property. This type of loss does not happen right away; for example, business interruption. This term can also refer to a loss caused by a hazard the insured is not directly insured for. For example, the spoilage of food due to power outage.

An attempt by the insurer to retain current policies by not allowing them to lapse. For example, calling the customer or sending a reminder that payment should be made before a certain date or coverage will lapse.
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MEDICAL,USA: Insurance company or agent’s efforts to prevent a policy from lapsing.
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The insurance company’s efforts to prevent current policies from lapsing.

A trade of something of value, which becomes the basis of a contract. In the case of insurance, the consideration is the premium paid by the insured and the future payout of claims by the insurance company.
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Consideration consists of some right, interest, profit or benefit accruing to the one party or some forbearance, detriment, loss or responsibility given, suffered or undertaken by other. In the case of Insurance contracts the consideration moving from the insured to the Insurer is the premium and the consideration moving from the Insurer to the insured is the promise to indemnify. In Insurance the consideration may be statements made on the application and payment of premium.
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MEDICAL,USA: In contracts, anything of value given by one individual to another to induce the other person to enter into the contract.
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US: One of the elements for a binding contract. Consideration is acceptance by the insurance company of the payment of the premium and the statement made by the prospective policyholder in the application.