What is Property Casualty Insurance?

Answer:
Property casualty insurance is insurance that covers

property such as homes, businesses, and cars. Property insurance protects the property owner against the loss of property or the loss of income related to the property. The casualty portion covers the property owner’s legal liability for damages and losses to other people or other people’s property.

For example, if a business owner’s business is damaged by fire, the property insurance will cover the cost of rebuilding the property and replacing the contents (up to policy limits). If an employee was burned during the fire requiring a hospital stay, the casualty portion of the insurance will pay for the employee’s care (up to policy limits).

Property and casualty insurance comes in a variety of forms and is available in commercial as well as individual packages. In addition, specialized forms of insurance such as earthquake and flood insurance fall under this category. Some examples of property casualty insurance include: auto insurance, homeowners insurance, marine insurance, business owner insurance, medical-professional liability, farm insurance, capital assets insurance, management protection insurance, umbrella policies, equipment breakdown insurance, and personal liability.


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