Casualty insurance

 Casualty insurance:

Casualty insurance, usually equated to insurance, is insurance in a roundabout way involved with insurance, insurance, or property insurance. it\'s in the main liability coverage of a private or organization\'s for negligent acts or omissions. However, the term has additionally been used for property insurance for aviation insurance, boiler and machinery insurance, and glass and crime insurance. it should embody marine insurance for shipwrecks or losses puzzled or fidelity and surety insurance. it should additionally embody earthquake, political risk insurance, coercion insurance, fidelity and surety bonds.

One of the foremost common sorts of casualty insurance these days is insurance. In its most simple kind, insurance provides liability coverage within the event that a driver is found \"at fault\" in associate degree accident. this may cowl medical expenses of people concerned within the accident moreover as restitution or repair of broken property, all of which might be the realm of casualty sum of money.

If coverage were extended to hide harm to one\'s own vehicle, or against larceny, the policy would not be solely a casualty policy.

The state of Illinois includes vehicles, liabilities, worker\'s compensation, glass, livestock, legal expenses, and miscellaneous insurance underneath its category of casualty insurance.

In 1956, within the preface to the fourth edition of Casualty Insurance equipage A. Kulp wrote:


It has ne\'er been potential extremely to outline casualty insurance. broadly, it should be outlined as an inventory of individual insurances, typically written during a separate policy, in 3 broad categories: third party or liability, incapacity or accident and health, material harm. one in all the results of comprehensive policy-writing .... is to lift the question of the utility of the normal idea of casualty insurance ... some insurance men predict that the casualty insurance of the long run can embody liability and incapacity lines solely.

Later in Chapter two the book states that insurance was historically classified underneath life, fire-marine, and casualty. Since multiple-line policies began to be written (insurance contracts covering many forms of risks), the last 2 began to merge. once the NAIC approved multiple underwriting in 1946, casualty insurance was outlined as a blanket term for legal liability except marine, incapacity and treatment, and a few harm to property.