contingency insurance
noun[U]
ukusINSURANCE
insurancethatprotectssomeone againstrisksthat are not theusualareasdealtwith byinsurancecompanies:
Theorganizersof the world'sbiggestsportingeventstake outcontingencyinsurance, whichpaysout if aneventisinterrupted,postponed, orcancelled.