RISK, hazard, chance of danger or loss, especially the chance of loss to property or goods which an insurance company undertakes to make good to the insurer in return for the recurrent payment of a sum called the premium (see INSURANCE).
You are obliged to disclose all material facts to your current or any future insurer prior to renewal.
This bases the claim against the insurer upon a fiction, for there has been no loss of the subject insured; in fact, the payment has been for averting such a loss.
The liability of the insurer was thus made to depend, not upon the character of the loss, but upon the fact or possibility of contribution.
The view seems to have been that the insurer is liable for salvage and G.A.
And it suggests that the insurer is not liable for salvage where the policy is free of particular average, which does not accord with practice.