Contracts are the final manifestations of the parties’ mutual consent; therefore, the focus is primarily given to the rights and obligations they contain. Despite contractual freedom being a fundamental principle, legal systems may impose limits and define the scope of matters on which parties can agree. Finally, in certain jurisdictions, written or specific forms may be required for validity. This chapter identifies the elements of an insurance contract by analyzing similar contracts and proposes a new definition and title to emphasize the purpose of political risk insurance.