by www.premium-english.pl
CONTINGENCY is similar in meaning to
EMERGENCY, although a contingency is understood as a crisis situation which was
unexpected or difficult to predict (but predictable).
Contingency
planning is
an important aspect of responsible risk management. Companies invest in contingency
locations, which are ready to be used in the event of a crisis, especially
when the main company premises can’t be used.
We
can try to prepare for the future, but it’s impossible to prepare for every contingency.
Clients
often turn to insurers in the time of contingency, but the timing might
not be best for insurers J.
In
contracts, we can sometimes see the expression to be contingent upon,
which means “być uzależnionym od”. For example:
The
payment is contingent upon timely delivery of goods (Płatność jest
uzależniona od terminowej dostawy towaru).
The
result of the claims handling procedure is contingent upon the provision
of Proof of Loss by the Insured (Wynik procesu likwidacji jest uzależniony od dostarczenia
przez ubezpieczonego dokumentów potwierdzających zaistnienie szkody).
The
expression to be contingent upon is formal. In less formal situations,
you can simply say dependent upon.
The
word contingent is used in many different ways and doesn’t always carry the
same meaning:
Some brokers are entitled to contingent commission under their
contracts with insurers (Niektórzy brokerzy są uprawnieni do otrzymywania
nadprowizji zgodnie z ich umowami z ubezpieczycielami)
They
sent a small contingent to Iraq (Wysłali mały kontyngent do Iraku).
It’s
a good idea to take out a Contingent Business Interruption policy (Dobrym pomysłem
jest wykupienie CBI).
So
what’s the difference between Contingent Business Interruption policy
and Business Interruption policy?
Contingent
Business Interruption Policy covers you in the event of a loss occurring at
your supplier or recipient of your product, which affects your sales or your
client’s ability to obtain your product.
For
more detailed explanation, type in “Contingent Business Interruption Policy” on
YouTube .
Hope
it’s clear. But I still don’t know why they call it CONTINGENT business
interruption… J Any ideas?
Małgorzata Kulik
Masz pytania? Napisz office@premium-english.pl
