Casualty Insurance Company
Casualty insurance as the name suggests is a type of insurance that covers liabilities and losses from unforeseen accidents. Its coverage and definition is a bit broad that includes a wide horde of situations within the insurance industry. But in general, casualty insurance does not cover health, life and fire insurance policies. Instead, it covers burglary, fraud, terrorist attack and some accidents. A causality insurance company offers this service, if you are purchasing a new home or a business, it is best that you keep it insured, it not only gives you protection but it also increases your business or your home market value.
Generally a casualty insurance company would cover both damages to people and to the property, like for example if someone purchased a casualty insurance and they’ve been attacked by a burglar and someone inside the house was hurt because of this unforeseen event, the insurance will cover for the medical cost of that person and will cover for the lost items and the damage to your property.
Major Types of Casualty Insurance
Fidelity Insurance - Fidelity Insurance is a type of insurance offered by casualty insurance companies. Fidelity insurance is also known as surety bonds, this insurance is specifically designed to protect people from fraudulence. This covers internet fraud and identity theft. For housekeeping companies, they usually require fidelity insurance because they send out people to places where valuable properties are within reach. If for any case theft became an issue, the casualty insurance company will cover what was lost.
Vehicle Insurance - Vehicle insurance, on the other hand, is designed for vehicle losses resulting from car accidents. In some states like New Hampshire and Wisconsin, this insurance is a legal requirement. Vehicle casualty insurance has many different types of coverage such as:
- Property Damage
- Personal Injury
- Bodily Injury Liability
Flood Insurance - Flood casualty insurance, on the other hand, is an insurance that are specifically made to protect homeowners and personal properties against loss resulted by unforeseen events. Personal properties are properties that can be moved from one location to another which includes furniture, clothes, household goods, vehicles, etc. Although this flood insurance suggests protection from flood, this is an additional insurance coverage to protect yourself and your properties from natural disasters.
Liability Insurance - In this type, the casualty insurance company will protect you from various risks such as being sued from negligence and unintentional harm to other people in a course of accidents. This is beneficial to those who are involved in high risk professions such as construction, medicine and manufacturing. The liability insurance comes in handy when the insured party is involved in an unintentional behavior that caused harm to others. If you are in an operation and something went wrong with the procedure, though unintentional and you are being sued by the other party, your casualty insurance company will cover for the damages and injury caused by this event. If you are purchasing liability insurance, you can opt for an occurrence policy. This policy covers you in case you are being sued years after or months after the incident happened as long as the incident occurred during your period of coverage.
What to consider when purchasing a casualty insurance policy?
When purchasing casualty insurance, the value of the property being insured are taken into consideration, along with it is the risk factor. If you are in a high risk situation, the insurance premium may be a bit higher than others. An example is for auto insurance policy, the casualty insurance company will determine your premium in consideration with how frequently you drive and how far you drive on a normal basis, the type of vehicle you own, your vehicle safety features, and if teenagers would be driving your car.
Generally, you would be allowed to purchase the minimum coverage and usually the minimum coverage is enough to protect you. However, if the property you own is more than the value of your coverage, you will be losing tons with regards to the value of your property. It is always wise to protect yourself and your properties at all times, thus a casualty insurance company can give you that much needed protection and after all, accidents usually happen during times when we least expect them.