Which protect a Company against very large losses caused by events like conflagrations, cyclone, floods etc. The distinction between a ‘per event’ cover and a ‘per risk’ cover is that in the former, the loss may cover one or more than one risk, but when it affects more than one risk, it should have arisen from one event. See Also: “Per risk or working cover.”

REINSURANCE: A form of excess of loss reinsurance which, subject to a specific limit, indemnifies the ceding company in excess of a specified retention with respect to an accumulation of losses to multiple insureds and/or policies resulting from an occurrence or series of occurrences arising from one or more disasters
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A form of reinsurance that indemnifies the ceding company for the accumulation of losses in excess of a stipulated sum arising from a single catastrophic event or series of events.
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UK: An excess of loss reinsurance which, subject to a specified limit, indemnifies the reinsured for the amount of loss in excess of a specified retention, the excess point, with regard to an accumulation of losses caused by a catastrophic event (e.g. a hurricane) or series of events. The reinsurance document is referred to as a catastrophe cover. See HOURS CLAUSE.