Property and Casualty Insurance
Property And Casualty insurance is a contract in which a company promises to pay for any personal or property damages in exchange for a monthly fee paid by the deed holder. Property insurance is meant to cover all three businesses related tangible and intangible assets like money and securities, accounts-receivable records, inventory, furniture, machinery and supplies. Losses caused by fire and theft and other such disasters are included in most of the basic multiple-peril policies of property insurance. Nevertheless, Property And Casualty Insurance has become increasingly more expensive and more difficult to obtain.
The availability and affordability of property and casualty insurance is a crucial phase in the security of the basic functioning of the real estate markets. It is an underwritten requirement and convention regarding property casualty coverage.
These kinds of property casualty insurance firms help the economy by assuming the financial risk inherent in many personal and business activities. The basic meaning of such insurance is that the loss incurred on the properties of a few is usually shared among the other holders of the same policy. This policy does not include the questions of life and death, although there are a few companies that sell a limited amount of sickness and accident insurance.
But key information that deserves exploring is that according to the Insurance Services Office, Inc. (ISO) and the National Association of Independent Insurers (NAII); there was an overall loss of $7.9 billion in the year 2001. This was the first ever loss on such a significant way for the industry.