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What is casualty insurance?

Casualty InsuranceNotoriously difficult to define, casualty insurance is a broad field of insurance that encompass a large scope of different insurance actions and deeds. Four of the most common and clear-cut branches in the insurance industry are generally defined in the business as:

Although casualty insurance has connections to each of these branches, it is not directly associated with any of the four. For this reason, it has been given the non-descriptive, vague name with which it is graced.

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What Exactly is Casualty Insurance?

In broad, sweeping terms, casualty insurance refers to a general insurance policy that will protect its bearer from any loss that may result in case of an accident. Generally speaking, casualty insurance takes over when there are liabilities incurred from accidents that have been caused by negligence and have sadly resulted in unforeseen and tragic casualties.

Casualty insurance will usually, however, cover any damage that is inflicted on personal property as well as the persons themselves.

Because these accidents can take place in a home, place of work, or car, casualty insurance has indirect connections to all three of these types of insurances. The details of casualty insurance can be divided into two indistinct sections specific to the location in which the policy is active:

  • Car casualty insurance
  • Property casualty insurance

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Casualty Insurance for Business and Personal Use

Although, due to its broad wings of support, a casualty insurance policy can be an attractive proposition to both business owners and homeowners alike, it should only be considered supplementary policy.

Business owners arecasualty insurance home attracted to casualty insurance because it will guarantee protection to their employees even if a tragic accident should happen on the job. Casualty insurance policies generally have a strong personal liability clause that can also protect the business owner himself from legal issues.

Homeowners and car owners are attracted to casualty insurance because of the extra degree of protection it can afford them in otherwise catastrophic cases of mishap.

With casualty insurance at your back, no matter whether you have a thriving business or are just a simple family man with a home and a car, you can rest easy knowing that you are protected from a crucial angle.

The breadth of the wings of casualty insurance varies greatly depending on the state inside which the coverage is purchased. Some states allow it to cover damages from terrorism, earthquakes, and political risk, while other states only allow the bare bones of legal expense and workers’ compensation coverage.

Fidelity Insurance

One type of casualty insurance that is less common is known as fidelity insurance. A fidelity casualty insurance policy will protect its bearer from various types of fraud and theft. You can receive protection against and reimbursement for any damages incurred due to theft or fraud with this type of casualty insurance.

Types of Casualty Insurance

Here are some types of casualty insurance as allowed by various states. The types of casualty insurance available for commercial property are different than the types available for items that are personal property only.

Commercial casualty insurance can include but is not limited to:

  • Property business insurance
  • Car insurance
  • Farm insurance
  • Business owner insurance, which often combines liability and property coverage when covering smaller businesses
  • Monetary asset insurance
  • Crime insurance, which includes protection against theft and fraud as covered by fidelity insurance
  • E-commerce insurance
  • Job-related liability insurance
  • General liability insurance
  • Management protection insurance
  • Heavy equipment and machinery insurance
  • Financial institution insurance
  • Inland marine insurance, which includes both properties and various types of commercial merchandise
  • Package property insurance, which usually combines liability and property insurance
  • Umbrella insurance
  • Market segment insurance
  • Medical liability insurance
  • Workers’ compensation insurance

Personal casualty insurance can include but is not limited to:

  • Property insurance, which, in this category, usually refers to one’s personal residence
  • Car insurance
  • Personal liability insurance, which, in this category, generally includes personal umbrella insurance
  • Homeowner’s insurance, which refers to the combination of liability and property insurance
  • Inland marine insurance, which may include only personal goods
  • Watercraft insurance

Property Casualty Insurance

One of the most widespread forms of casualty insurance is property insurance. Besides the land itself and any immovable structures on the land, property casualty insurance may also cover trees, plants, or shrubs if they are specifically listed on the policy. When this is the case, those items are usually only covered up to a certain amount of money as specified in the policy.

It is best if any items covered by this type of insurance are insured for their replacement value instead of their actual cash value. Because items depreciate over time, the actual cash value of an item can be much less than what it would cost to replace it, which is known as its replacement value.

When insuring your property and the structures on it, keep in mind the full replacement value of the property and insure it to this amount.

Car Casualty Insurance

car casualty insurance

One of the most common forms of car casualty insurance coverage is personal liability coverage. Under this form of casualty insurance, if an accident occurs that is deemed to be the fault of that vehicle and its driver, any persons injured in the accident will receive adequate compensation.

Where regular insurance policies only provide protection to the owner of the vehicle, casualty insurance can protect all parties involved.

Car casualty insurance can be purchased for both personal and commercial use. Besides simple liability coverage, the policy may also include other options such as earthquake coverage and workers’ compensation.

Choosing to Add Casualty Insurance

Casualty insurance is a great option for home and business owners alike and can add an extra degree of protection not included in other insurance policies. Although it can work wonders as a supplementary policy, casualty insurance should not be looked to as the final word when it comes to insurance.

There are many different important insurance aspects that do not fall under a casualty insurance policy’s coverage, and you may find yourself left out in the cold about crucial matters if you choose to only purchase casualty insurance.

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