A contingent liability is a potential liability that may or may not occur depending on the result of an uncertain future event. The relevance of a contingent liability depends on the probability of the contingency becoming an actual liability, its timing, and the accuracy with which the amount associated with it can be estimated. A contingent liability is recorded in the accounting records if the contingency is probable and the related amount can be estimated with a reasonable level of accuracy. The most common example of a contingent liability is a product warranty. Other examples include guarantees on debts, liquidated damages, outstanding lawsuits and government probes.
Why Choose Rockfin Contingent Liability Plans?
Convenient and fast payouts
Credited and trusted advisors
Cost-effective insurance plans
What We Offer
Rockfin offers a comprehensive Contingent Liability Plan that covers your business from end-to-end, providing you with the peace of mind you will need to live a prosperous life. We regularly conduct extensive analysis of your business to keep your plans updated and protected.
Benefits of these plans may include:
- certainty that the outstanding amount on your business loan will be repaid in full if something happens to you.
- disallowing creditors to claim the outstanding debt from your estate or from your business (which can lead to liquidation in extreme cases).
- business protection from any adverse effect on its creditworthiness as a result of death or disability of the person who stands surety.
- protecting the financial resources of the business from undue strain.