PCS Catastrophe Occurrence definition
PCS Catastrophe Occurrence as used in this Agreement shall mean a loss that has been assigned a catastrophic code number by the Property Claim Services division of American Insurance Services Group, Inc. (PCS) or by the organization responsible for assigning such designation for the geographic area in which the loss event occurred. Such loss amount shall include the sum of all individual losses (net of original Policy deductibles) directly occasioned by any one disaster, accident or loss or series of disasters, accidents or losses arising out of one event which occurs within the area of one state of the United States and states contiguous thereto and to one another. However, the duration and extent of any one Loss Occurrence shall be limited to all individual losses sustained by the Company occurring during any period of one hundred sixty eight (168) consecutive hours arising out of and directly occasioned by the same event.
Examples of PCS Catastrophe Occurrence in a sentence
In no event shall the Reinsurers’ aggregate limit of liability for Ultimate Net Loss from a PCS Catastrophe Occurrence exceed ten million dollars ($10,000,000) per PCS Catastrophe Occurrence for Business Covered hereunder and ten million dollars ($10,000,000) in the aggregate for all PCS Catastrophe Occurrences combined for Business Covered hereunder.