Casualty insurance covers losses and liabilities that are a result of unforeseen accidents. This category of insurance is quite broad, encompassing a range of situations and fields within the insurance industry. Generally, it excludes life, health, and fire insurance policies; it is designed for things like burglary, terrorist attacks, and fraud. Many insurance agents offer this type of insurance; people who are interested in purchasing some for a home, specific situation, or business should talk to an insurance agent about their specific needs.
Typically, casualty insurance covers both damages to property and people. For example, if someone purchases a policy for a boat and someone is injured on board, the insurance company will bear that person's medical costs. Likewise, if part of the boat is damaged as a result of something like a burglary attempt, the insurance company will also cover this unforeseen event. This type of insurance is very useful for things like replacing broken plate glass or handling the aftermath of criminal acts.
Casualty insurance that includes personal liability can be very useful for business owners, as it ensures that the business will be able to take care of people who are injured on site. Homeowners can also take advantage of this insurance to help them replace items stolen during robberies, as can renters. A policy may also cover the people who visit a home, in the event of an accident.
When this insurance is purchased for something like a home or a business, it should be viewed as supplemental insurance. It will not cover things like fires and floods, which need to be separately insured. People should also read the terms of their policy carefully, because certain things may not be covered, and this could become an issue when a claim is made. Specific insurance plans can sometimes be purchased for events like earthquakes, depending on regional norms in the insurance industry.
One important type of casualty insurance is so-called “fidelity insurance” or surety bonds that are designed to protect people from the results of fraud. Fidelity insurance is also maintained by organizations like housekeeping businesses, to ensure that losses as a result of theft can be compensated. Specific insurance can also be purchased to protect people from the results of Internet fraud and identity theft, two growing issues.