Contingency insurance

Contingency insurance,

Definition of Contingency insurance:

  1. Secondary insurance cover taken to protect an insured (a tenant, for example) in case the primary insurance cover taken by another party (a landlord, for example) does not respond to the loss for one reason or another.

  2. Insurance policy that covers several remote risks, and is bought generally where legal remedies to a loss are slow, uncertain, or non-existent.

Meaning of Contingency insurance & Contingency insurance Definition