Contract repudiation indemnity

{
  "id": "MLC-T-INS-000948",
  "term": "Contract repudiation indemnity",
  "field": "Insurance and risk management",
  "definition": "Political risk insurance that compensates an insured for losses when a government or state-owned counterparty wrongfully repudiates or breaches a contract, for example by cancelling an order or refusing to honor an arbitration award. It responds to the buyer's own act of rejection, in contrast to contract frustration cover, which responds to political events such as embargo or war that prevent performance.",
  "url": "https://mlchart.com/terminology/insurance/contract-repudiation-indemnity/"
}