What is Mitigation Costs | Insurance glossary by upcover

Mitigation costs cover the expense of taking quick, sensible action to limit the size of a potential claim or loss. For example, after a burst pipe in a client's building, a contractor might hire dryers or make a temporary repair to stop further damage. The insurer pays these costs back once it confirms they were reasonable and genuinely necessary to limit the loss.

Related Terms

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

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Related Term

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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