Definition: The word "insurance on the spot" is a legal term in insurance law that refers to a situation where an insurer provides insurance coverage for damage to its property or assets when it cannot recover from a claim by a third party due to lack of coverage under the policy. In this context, "on the spot" means immediately after the event, and the word "insurance on the spot" can be used in situations where an insurer is unable to provide insurance coverage because of a lack of coverage or a limitation that prevents them from recovering. In these situations, the insurer would typically provide insurance coverage based on the value of the property being insured. The definition of "on the spot" means that it happens immediately after the event and is not related to any delay or extension in time. The word "insurance on the spot" can also be used as a verb to describe when an insurer provides insurance coverage for damage to their property or assets, usually immediately after the event. Example: If an insurer is unable to provide insurance coverage due to a lack of coverage under the policy and has no other options available, they may choose to "on the spot" provide insurance coverage for the damage caused by their property.
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