What Does Contingent Liability Mean?
What does Contingent Liability mean? Read on to discover the definition & meaning of the term Contingent Liability - to help you better understand the language used in insurance policies.
Contingent Liability
Coverage for losses to a third party for which the insured is vicariously liable. Contingent liability can be assumed for example, for losses arising from product or service failure, where the insurer has assumed liability by providing a performance warranty.
We hope the you have a better understanding of the meaning of Contingent Liability.
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