UK: A catastrophe excess of loss clause that treats multiple losses originating from the same cause (e.g. a hurricane), and occurring during within a specified time (typically 72 consecutive hours), as a single loss occurrence. If treated as individual losses the probability is that most would fall below the level of the deductible. The reinsured is allowed to choose the date/time for the commencement of any consecutive hours period and allowed to divide the catastrophe into two or more loss occurrences.
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REINSURANCE: A clause within a catastrophe reinsurance treaty which specifies the limited period during which claims can be aggregated for the purpose of one claim on the reinsurance contract. Commonly 24 or 72 hours.
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REINSURANCE: The colloquial term which limits the time period during which claims resulting from a given occurrence may be included as part of the loss subject to the cover. The time period is usually measured in consecutive hours and most often applies to property Reinsurance, e.g., a windstorm, conflagration, or earthquake, and less frequently in occupational disease and other aspects of casualty. Commonly 24 or 72 hours.