A reinsurance clause bounding in time what counts as a single loss, generally 72 or 168 hours depending on the peril.
The hours clause defines the window within which multiple damages are grouped into a single occurrence, seventy-two hours for a hurricane, one hundred and sixty-eight for other perils. It makes sense because a hurricane has a beginning, an end and a name. It becomes absurd for a software compromise planted one day, dormant for months then activated in waves, of which one cannot say on what day the event took place.
Cyber catastrophe bonds are issued on a per-occurrence basis, applying a notion of occurrence, and thus an hours clause, to a peril that has no natural one.
hours clause, clause horaire, définition d'évènement, Clause des heures (hours clause)