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Casualty Insurance
What is Casualty insurance?
Casualty insurance is a problematically defined term which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance. Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions.
What are the types of casualty insurance?
The main difference between the two is that casualty insurance protects you by covering losses that result from direct accidents, whereas property insurance covers losses that result from events, such as theft. There are three main types of casualty insurance:
1. Vehicle Insurance – If your business involves vehicles, this is a must. In most states, vehicle insurance is not only suggested, it’s required by law. Depending on the policy, vehicle insurance can cover personal injuries, property damage, bodily injury liability, collision and uninsured motorist coverage. You can also get a comprehensive coverage policy that covers events such as flooding, theft, fires and more.
2. Flood Insurance – In the aftermath of Hurricane Sandy, it is very important that you consider getting flood insurance for your business. This will help cover the costs of the building as well as everything inside of it. Flood insurance is essential if your business is to recover from a natural disaster like Sandy.
3. Liability Insurance – Liability insurance will help protect you from a number of risks, like being sued for unintentionally harming someone or for negligence. There are three types of liability insurance:
What is covered under casualty insurance?
Casualty insurance is a broad category of coverage against loss of property, damage or other liabilities. Casualty insurance includes vehicle insurance, liability insurance, theft insurance and elevator insurance.
What is commercial casualty insurance?
Commercial casualty insurance is a broad category of protection that encompasses coverage against damage, property and other liability. Casualty insurance is sometimes combined with property insurance, which then is commonly referred to as “property and casualty” insurance.
What is the difference between property and casualty insurance?
Similar to property insurance, casualty insurance protects against loss and/or damage of property. The difference between the two is that casualty insurance protects your business premises from injuries and crimes against it and property insurance covers losses to your land, building and/or belongings.
What is casualty insurance coverage?
Casualty insurance is a problematically defined term which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance. Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions.
What is property insurance coverage?
Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft. Property insurance can include homeowners insurance, renters insurance, floodinsurance and earthquake insurance.