These are policies designed to cover specific risks which are not covered by the client’s primary insurance policies.
It is a specialised market and some of the more common risks covered by a contingency policy would include;
Event cancellation – protection against cancellation, postponement, abandonment and interruption. ie. an exhibition, sports event or similar.
Non appearance – provides cover against death, accident, illness or unavoidable travel delay of a speaker or performer. ie. a concert, conference etc..
Prize indemnity fund – protecting the clients contractual liability to award a prize in the event of a successful attempt in a specific competition. ie. hole in one etc..