A contract by which one person promises to compensate or reimburse another if he or she suffers a loss from a specific cause or a negligent act is

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This describes the definition of liability insurance, where one party promises to compensate or reimburse another for a loss resulting from a specific incident. A rider refers to an additional provision added to an existing insurance policy, while arbitration is a method of resolving disputes outside of court. Malpractice insurance refers specifically to insurance for professionals in certain fields such as doctors or lawyers, to protect against claims of negligence or malpractice.

A Contract by Which One Person Promises to Compensate or Reimburse