Contingent Transit Insurance
Definition of "Contingent transit insurance"
Coverage if an insured can not collect on property damage or destruction losses from the hired transporter. For example, a truck transporting furniture of the insured is involved in an accident and the furniture is damaged. The truck owner refuses to compensate the insured for damages; the recourse of the insured is to collect from the insurance company.
Popular Insurance Terms
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Same as term Contribution: principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its ...
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