In the case of contingency, a loss arising from an unexpected and accidental event, which cannot be indemnified under another insurance contract or, for example, on the basis of law, is indemnified.
This insurance class can be applied in a number of very different fields. Seesam has experience in insuring the possibility of cancellation of (entertainment) events and the organisation of sporting events.
Subject to being insured are activities beyond the will of the policyholder, which in the case of an (entertainment) event can be damage caused by fire or a criminal act to the place of performance, unforeseen weather conditions, or the performer's failure to appear at the concert. When organising a sporting event, the prize for an event is typically subject to being insured if it is only awarded in the event of a rarely occurring confluence of circumstances. Such circumstances may include a hole-in-one in golf, a 147 maximum-break in snooker or a nine dart finish in darts
With the help of contingency products the cost incurred by the policyholder, not the business profit related to the event, is insured. If an event is not promoted enough or if the performer does not interest the audience and therefore the event does not pay for itself, it is a business risk and the damage suffered is not subject to indemnification by the insurer.