What is the term for an event insured against that could cause loss?

The term that describes an event insured against that could cause loss is "Peril." In the context of crop insurance, a peril refers specifically to the various types of hazards or risks that can lead to loss or damage of crops. Common examples of perils in agriculture include drought, flooding, hail, and disease. Understanding the concept of peril is crucial for farmers and insurers alike, as it directly influences policy coverage and the underwriting process.

Risk, on the other hand, is a broader concept encompassing the likelihood of various perils occurring and resulting in loss. Liability refers to legal responsibilities or obligations to compensate others for damages, which isn't specific to the events that lead to loss in the context of insurance. Occurrence is a more general term that implies any event or incident but does not specifically define the nature of those events in relation to insurance coverage. Thus, peril is the most precise term in this context, focusing on the events that an insurance policy protects against.