From Black Desert Wiki
Players can die, but will be resurrected. Death comes when a player has no more Health Points. They can die from other players when engaging in a Player VS Player (PVP) match or monsters. No information is known on where they will be resurrected.
Upon a players death, a player will drop some items from their inventory randomly. However no equipment will drop.
There is no information on weather this happens during a monster or pvp death.