Catastrophe Insurance
Definition
- A type of insurance policy, generally included as part of an existing blanket insurance policy, used to cover damages resulting from natural or man-made disasters including earthquakes, hurricanes, floods, and terrorist attacks.
Synonyms
disaster coverage, calamity insurance, extreme mishap
Related Terms and Acronyms
- Catastrophe Hazard — Definition,
- An event, such as a hurricane or earthquake, that poses a risk of a catastrophic loss.
- Demolition Insurance — Definition,
- Insurance that covers demolition costs for an irreparably damaged building.
- Extended Replacement Cost — Definition,
- A replacement cost for an asset that exceeds that of the actual cash value of the asset.
- Flood Insurance — Definition,
- An insurance policy that provides coverage for the damages resulting from flooding. Canadian homeowners are currently unable to purchase flood insurance.
- Flood Plain (flpl) — Abbreviation,
- Land that is prone to inundation.
- Hurricane Deductible — Definition,
- The payment a policyholder must make to their insurance company before receiving benefits after a hurricane.
- Incurred But Not Reported (IBNR) — Acronym,
- An estimate of how much an insurance company owes to policyholders for losses that have already occurred but have not yet been reported.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Windstorm Insurance — Definition,
- Insurance that covers damages resulting from windstorms.
