Definition - What does Money Damages mean?
Money damages are monetary awards that one party is ordered to pay to another party after losing a civil lawsuit. Insurance companies also frequently sue each other for money damages. Policy holders may also sue insurance companies for money damages.
Insuranceopedia explains Money Damages
An insurance policyholder may sue an insurance company for money damages if the insurance company refuses to reimburse a covered loss sustained by the insurance policyholder. In such a case, if the policyholder can prove that the insurance company is obligated to pay for the loss due to stipulations in the insurance contract, then the insurance company could be forced to pay money damages to the policyholder.