A Legally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. insuring against losses not usually covered by Fire and Business Interruption polices such as those caused by flood, earthquake, landslide and other unusual accidental An event that results in an insured loss. In some lines of insurance, such as liability, an occurrence is not necessarily an accident (something sudde... More. Applicable mostly to large commercial and industrial organizations, and performs much the same functions in Covers an insured’s property against damage, destruction or loss by a covered peril. that the Umbrella Liability does for liability coverage.