n. in taxation, loss because of harm which qualifies for a casualty reduction taxation deduction. It must be brought on by a-sudden, unforeseen or uncommon event like a storm, flood, fire, shipwreck, quake or act of God, but wouldn't normally include steady damage from water seepage or erosion.
insurance coverage business term for an economic reduction caused by a casualty. Uninsured casualty reduction are written off against that or perhaps the past year's income. See also disaster loss.