Contingent liability insurance (also known as ‘special situations’ insurance) offers cover for an identified legal risk allowing a party to reduce or eliminate an exposure. The product has very broad applications and can be used to cover any legal risk relating to interpretation of the application of law (including in the context of litigation).
By transferring an identified risk to an insurance policy, a party can cap or ring-fence a potential exposure or, if necessary, release committed capital. The insurance is designed to cover ‘low risk : high impact’ identified risks.
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