a loss of property due to fire/storm/shipwreck/etc (which is allowable as a deduction in computing TAXABLE INCOME) For a loss to qualify as a casualty loss it must be due to a sudden, unexpected/unusual event. Thus, while property damage due to a storm would normally qualify as a casualty loss :: gradual erosion, on the other hand, [by wind/water] would not.
Congratulations! You're now Froogled Up™ on what "Casualty Loss" means!
Feel free to use it throughout your financial/insurance life.
