Casualty insurance is a broad term and covers any kind of loss and damage related to property or any other liability. One will find the insurance type including theft insurance, liability insurance, vehicle insurance, elevator insurance, etc. This is an essential insurance for businesses as it keeps the company safe and protected from any liabilities that may arise. It is essential to learn about the insurance and use it to your advantage and safety as a damage can often end up being a large expense.
Sometimes, the scope of Casualty insurance overlaps with the liability insurance. However, it is not connected in any way to the health insurance or with life insurance. The terms is often seen being used in aviation, boiler and machinery insurance as property insurance. It may also cover for shipwrecks or losses at sea under marine insurance or include the political risk insurance, terrorism insurance, etc. Thus, we find that the scope and meaning of casualty insurance may be wide and expansive.
Automobile insurance is one of the most common casualty insurance that we come across. Different states in US have different laws and terms related to casually. The state of Illinois, for example, includes worker’s compensation, vehicle, liability, glass, legal expenses, livestock and miscellaneous insurance under this category.
Actually, it has never been really possible to define casualty insurance completely. Broadly speaking, there is a long list of individual insurances that may fall under it. Still, we can write these insurances as a distinct policy under three broad categories, liability, disability and damage. The purpose behind comprehensive policy-writing is to make use of the traditional idea of casualty insurance. According to some insurance experts, casualty insurance will include liability and disability online in the future.
Ever since we find multiple-line policies being written, causality insurance soon became known as blanket term for legal liabilities. The aim of the insurance to take care of all the damages and pay for any repairs and take care of claims and liabilities. It helps pay all associated costs according to the policy limits. For example, in case you are involved in a car accident and need to pay for the damages to the person’s car, if food at fault, then the causality insurance will take care of all the repairs and replacement or pay for the medical bills and hospital care etc. It also extends to any other damage and losses generally.