A severe loss characterized by extreme force and/or sizable financial loss. Often abbreviated to "cat."
Definition provided by the International Risk Management Institute (IRMI) Glossary of Insurance.
Glossary
Catastrophe
-- This content is provided for educational purposes only and may not be suitable for all circumstances. --
a
c
i
n
p
r
s
Get in touch with us
Decoding the Insurance Jargon: RCV vs ACV – A Coverage Comparison
Navigating through the maze of insurance terminology can be a daunting task. Two particular acronyms that often bewilder policyholders are RCV (Replacement Cost Value) and ACV (Actual Cash Value). So, what do these terms mean and how do they influence your coverage? Allow us to explain!Replacement Cost Value (RCV) signifies the total cost it would […]
What to do if insurance denied Roof claim: 6 Quick Tips
When your insurance company denies your roof insurance claim, what do you do? In many cases, homeowners are left not knowing what their options are. This can be especially true if the homeowner has never been through the insurance claims process. Fortunately, there are steps that homeowners can take to protect their rights and ensure […]
National Fire Prevention Month 2022
Did you know that October is National Fire Prevention Month? It's the perfect time to brush up on your skills and make sure you're prepared in case of a fire occurs. Here are a few tips to help keep you safe and prepared in the event of a fire this fall.What national fire prevention month […]