Sorry, no online dictionaries contain the exact phrase possibility of covering the risk.

Reverse dictionary results:
1. speculation
2. chance
3. speculate
4. peril
5. sporting
6. suppose
7. burn
8. throw
9. adventure
10. dangerous
11. emergency
12. hazardous
13. long
14. minimax
15. riskiness
16. risky
17. speculative
18. unsafe
19. venturesome
20. venturous
21. likely
22. prospect
23. cover
24. defensive
25. line
26. nap
27. slip
28. accident
29. adventurous
30. afford
31. bet
32. boldness
33. caution
34. critical
35. daring
36. dicey
37. hardihood
38. hardiness
39. hedge
40. hedging

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You can look up the words in the phrase individually using these links:   possibility ?   of ?   covering ?   the ?   risk ?
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Not helpful? You might try using the wildcards * and ? to find the word you're looking for. For example, use
poss*to search for words beginning with poss, or
*riskto search for words ending with risk
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