Catastrophe policy

{
  "id": "MLC-T-INS-000710",
  "term": "Catastrophe policy",
  "field": "Insurance and risk management",
  "definition": "An insurance policy providing high-limit coverage for exceptionally severe, low-frequency events such as hurricanes, earthquakes, or widespread floods. This coverage sits above an insured's primary property policies and is triggered only when losses from a single, defined catastrophic event exceed a very high deductible or retention. Catastrophe policies are a form of reinsurance or excess insurance designed specifically to protect an insurer or large corporation from the financial impact of major disasters.",
  "url": "https://mlchart.com/terminology/insurance/catastrophe-policy/"
}