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yes!
Osasuna purchased insurance to cover potential financial consequences stemming from possible relegation, a common practice in professional sports, particularly soccer. The club secured a 1.2 million euro policy to guarantee compensation of 6 million euros in the event of relegation.
The coverage was purchased through Howden, an internationally renowned insurance company with a strong presence in the sports sector, which has worked with other LaLiga clubs for years.
https://www.osasuna.es/en/clarification-on-the-contracting-of-relegation-coverage
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I suppose they have to go indirectly otherwise through an insurance provider otherwise they would be violating league rules essentially gambling on themselves to lose.