It should be noted that additional named insureds do not necessarily have all of the privileges and. obligations of the first named insured such as the obligation to pay premiums and the right to. cancel coverage and receive notice of cancellation.
Generally, physical damage to your building or personal property âdirectlyâ caused by a flood is covered by your. flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result. of flooding.
Contingent Liability Insurance Definition - What does Contingent Liability Insurance mean? Contingent liability insurance is insurance protection against potential perils or obligations that may or may not come to be, depending on how a particular event turns out. Companies often purchase it to protect against the possibility that an event would result in the party owing a large sum of money.