[C030]

catastrophe (excess) cover

1) In reinsurance, a form of excess of loss reinsurance which, subject to a specified limit, indemnifies the ceding company for the amount of loss in excess of a specified retention, with respect to an accumulation of losses resulting from a catastrophic event or series of events. The actual reinsurance document is referred to as "a catastrophe cover."

2) In primary insurance, an amount of insurance on a single risk or group of risks in excess of self-insured retention or other primary insurance.

(See Catastrophe Reinsurance.)

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