Contingency

R J Langman has received many varied insurance enquiries and has found insurers willing to offer terms for Contingency Insurance which do not fall within conventional insurance classes. Below are some examples of insurance where R J Langman has been able to help.

Contract Bonus
Bonuses which a sports club will pay their staff in the event of winning or being runner up in a competition.

Prize Indemnity
This is very popular with insurers, as the premium can be calculated on a mathematical basis. An example is a contestant on a game show having to guess the position of hidden cards on various boards.

Over Redemption
There may be a promotion in a newspaper or retail outlet where there is an anticipated take up. If this is exceeded, there will be additional costs for the provision of prizes or gifts.

Cancellation and Abandonment
This relates to an event which may have to be cancelled due to adverse weather conditions, venue damage, illness of a participant, etc, and can cover costs incurred up to the date of cancellation.

Legal Indemnities
These are a very traditional form of contingency insurance and include the likes of Restrictive Covenant Indemnities and Defective Title Indemnities. A problem may be discovered at the time of sale of a property by a solicitor and an ‘in perpetuity’ policy may help to solve this. Such problems could include lack of Title Deeds (common for the redevelopment of old breweries), a covenant restricting the sale of alcohol in an area (these were imposed by breweries to prevent competition but have now become a hindrance for a shop or restaurant development). Other types of policies arranged by RJ Langman include:
 Lost Document Indemnities
 Assignors Liability
 Title Insurance.

After the Event
In the past this has attracted adverse publicity due to the high profile failures of certain providers. Fortunately the market is now more stable and this type of insurance can assist in the pursuit of legal action after the event that gives rise to the action has occurred. Potential underwriters will make a judgement of the merits of the case before deciding whether insurance is available.

If you are interested in any of the above types of insurance, RJ Langman will require some specific information before arranging your cover. You will be advised of what is needed when you make your initial enquiry.

If you have any other type of unusual risks enquiries, or would like more information on any of the above, please contact Howard Burgess on 020 7538 0959 or email RJ Langman here.