Catastrophe

A severe loss characterized by extreme force and/or sizable financial loss. Often abbreviated term “Cat”.  

Category 3 water

Water that is grossly contaminated with pollutants including fungi and bacteria.  

Cause(s) of Loss (COL)

The peril(s) that are the initiating cause of loss or damage to a risk. COL can be direct or indirect.  

Cause(s) of Loss (ISO Forms)

Insurance Services Office, Inc. (ISO) – commercial property insurance forms that establish and define the causes of loss, or perils, for which coverage is provided. A causes of loss form is combined with one or more coverage forms, the commercial property...

Claim

This is a request to be reimbursed from an insurance company for a loss to the covered property. In order to get paid on a claim, the damage needs to be caused by a covered peril in the policy.