What does "Occurrence" in the context of property insurance refer to?

In the context of property insurance, "Occurrence" refers specifically to slow, gradual, repeated events causing loss. This definition is crucial for understanding claims under a property insurance policy.

Occurrences can include situations like water damage from a slow leak, mold growth over time, or wear and tear on property due to long-term exposure to elements. Insurance policies are designed to cover various types of losses, and occurrences capture those that happen over a period rather than from a single event. This is important in the context of underwriting, risk assessment, and claims processes, as properties often suffer from damages that accumulate gradually and may not be immediately noticeable.

By defining occurrence in this way, property insurers can differentiate between types of risks and ensure that they are adequately covering gradual damages, which could otherwise lead to significant financial losses for policyholders. Understanding occurrences in this broader sense allows for more comprehensive coverage and better encourages property maintenance and care.