Damage to or loss of the The entity (individual or otherwise) whose risk of financial loss from an insured peril is protected by the insurance policy. property itself. It does not include The word “consequential” means something following as an effect or result. It is an indirect result of the occurrence that causes the loss. The di... or expenses incurred as an indirect result of the damage, such as the cost of renting replacement items while the originals are being repaired.