Contingency Cover

What is Contingency Cover?

Contingency Cover is Insurance cover placed to insure against relatively remote possibilities. An example of this is a motor dealer offering a motor vehicle as a prize on a particular hole at a golf tournament or a marine dealer offering a boat and motor package as a prize if a competitor catches a fish that has been previously caught and tagged as the prize-winning fish. In each case, the dealers may require insurance against these outcomes which, although remote, may cause them loss.

 

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