Berkley said industry risk models have all but abandoned the once common indicator known as "Absolute Maximum Loss, " preferring to base premiums on the more conservative "Probable Maximum Loss" calculation, which lowers damage estimates by factoring in long odds of catastrophic events.

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But Waldrum and his colleagues carried out a theoretical calculation of the risk of loss of life due to lightning in a similar building frequented by large numbers of people, in a similar setting - assuming the lack of any lightning protection.

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When doing the calculation, you must exclude most nonbusiness deductions (with a few exceptions, like casualty and loss expenses).

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