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.