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Sleep Insurance

Sleep Insurance

Definition

Refers to those types of catastrophe insurance coverages that allow management to sleep at night. Such covers protect a company from a devastating yet unlikely event, such as coverage for earthquake or other high excess layers of property coverage. These lines provide coverage for events for which there is a very low likelihood of occurrence; therefore, meeting the requirement for a reasonable possibility of loss may be problematic. But common practice has evolved such that these types of contacts are considered valid insurance and reinsurance contracts.

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