Basket Retention

Insurance policies covering multiple risk scenarios which have been pre-packaged and are less expensive than having multiple individual policies.

Let's say a Caribbean tour company offers a scuba diving, spelunking, and ATV package for a family of eager tourists on their island. Dad falls to the bottom of a cave, mom flies off the ATV and lands in a den of rabid, carnivorous platypuses, and little Timmy get carried off by a flotilla of sea turtles in an act of turtle protest against all the tourist boats disturbing their sea turtle peace and quiet.

Basket retention, in this case, will be used by the insurance company as an excess indemnity insurance contract to combine the several crazy risks found on this island in one insurance package.