Why might the amount recovered from an insurer, not cover the full cost of an event?

NEC3 and NEC4 Contracts Risk and Insurance
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Why might the amount recovered from an insurer, not cover the full cost of an event?

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Because insurance policies often include ‘deductibles’ (also known as ‘excesses’). This is a sum of money which the insured party is required to pay towards the cost of a risk event. They ensure that the insured party shares the exposure to risk with the insurer.