Underwriting

Hours Clause

Definition

Provision defining the time period (typically 72 hours) during which losses from a catastrophic event are aggregated as single occurrence.

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Related Terms

Treaty Structures
CAT XoL

Catastrophe Excess of Loss reinsurance - A non-proportional reinsurance structure providing coverage for catastrophic events exceeding a specified retention. Commonly used for natural catastrophes like hurricanes and earthquakes.

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