Property And Casualty Insurance
Property And Casualty Insurance
Casualty Insurance: What Is It?
Many people are familiar with different types of insurances such as life, health and/or property insurances but there is one which is not as common as those mentioned, the so-called casualty insurance. This is probably because this type is loosely defined and used term in the area of insurance.
Casualty insurance is sometimes considered as liability insurance and is not necessarily concerned with life, health, or even property insurances. It usually covers damage to property and individuals or organizations. Moreover, it may also include property insurance for aviation, boiler and machinery, glass and crime, and marine insurance for shipwrecks, as well as terrorism and political risk insurances. Earthquakes are also covered by this type of insurance but not fires or floods since the two need to be insured separately.
This type is considered to be very useful to businesses since it ensures the owners of compensation after purchasing a policy. The policy usually covers replacement of items lost when there is robbery. One of the most important type is called workers’ compensation insurance wherein business owners are protected from liabilities which may arise when accidents happen on site and employees are injured. Fidelity insurance, also known as surety bonds is meant to protect people from results of fraud. There is also a specific type of casualty insurance which protects people from identity theft and internet fraud, which is very rampant nowadays.
One disadvantage of this type is that it is too specific at times that there are certain aspects which might not be covered of the policy. So, it is always important to read the terms of the policy first to avoid being faced with problems when claiming benefits later on.
Casualty insurance is very helpful not only for individuals but also for businesses. There are those insurance companies which only cater to this type of insurance and some of them also offers customized insurances to suit your needs.
Who is a good independent P & C (property and casualty) insurance place thats cheaper than State Farm/alstate?
Other than state farm and alstate, american family etc… I’d like to find a good property and casualty (P & C insur) agent/person in the chicagoland area. I know there is a brand name charge built into those major companies, and would like to find cheaper alternatives for my mortgage clients.
AAA (auto club) gives me good rates for both my home and rental property.
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