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contingency

Motor contingency policy

1) Form of insurance taken out by firms to protect against situations which their normal motor insurance policy does not cover (eg where an employee used his own vehicle for business purposes but was found not to be correctly insured when a claim arose).

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Contingency stock

1) Stock held to cover potential system failure situations which can be mathematically modelled. (Source: ILT Supply-Chain Inventory Management SIG)

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