An insurance policy that is taken out in case an event is cancelled due to rain. The rain will need to be of a sufficient qualtity and occur during a specified time in order for the insurance to be paid. It is a means whereby a promoter will receive payment when an event ha has organised is cancelled.

More On This Topic

Link to This Definition
Did you find this definition of RAIN INSURANCE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary