Insurance 101 Property Casualty Basics
Grab the wheel with confidence. Casualty Insurance Casualty insurance is more difficult to define because it includes a wide variety of basically unrelated insurance products.
It can also help cover the costs to repair or replace stolen damaged or destroyed property including property and equipment that isnt yours but is in your care and custody.
Insurance 101 property casualty basics. This educational offering is designed to help risk professionals and individuals with risk management and insurance responsibilities gain a fundamental understanding of the. Property and Casualty Insurance Explained. 1 Bodily Injury 2 Property Damage At your premises for your products completed ops 3 Personal Injury 1000000 per occurrence 2000000 aggregate Consider Umbrella Excess Liability Retail per 1000 sales Contractor per 1000 of payroll Landlord sq ft of building But beware the minimum premium And the audit.
And underwritten by Consumers County Mutual Insurance Company CCM. Property Casualty Insurance Basics IIKs Insurance 101 document has a great deal of information but it is not comprehensive. Casualty insurance means that the policy includes liability coverage to help protect you if youre found legally responsible for an accident that causes injuries to another person or damage to another persons belongings.
Basic property insurance usually covers losses caused by fires or explosions theft vandalism and damage from vehicles or airplanes. Liability losses are losses that occur as a result of the insureds interactions with others or their property. It also offers protection in the event that your business gets robbed.
While casualty insurance covers expenses caused by the business itself property insurance protects companies when their property gets damaged by others. One of the most important types of casualty insurance is liability insurance. Property-Casualty Insurance Basics was developed to provide you a general over-view of the property-casualty industry and offer some basic information on how our business began and how it operates today.
You may think that your Homeowners Insurance. The series features two content tracks on best practices in property casualty and financial and professional liability insurance. Policy covers all of your business needs but a standalone Business Owners Policy may provide needed protection against a covered.
Find definitions answers and other essential information from how to shop for an auto policy that best fits your needs and budget to the most important steps to take if your vehicle has been involved in an accident. RM 101 and the more advanced RM 201. Additional coverage referred to as endorsements can be added to provide additional protection for things such as earthquakes and broken glass.
Automobile insurance is offered by Travelers Texas MGA Inc. PC insurance should be a key consideration for home-based businesses too. Basics For Insurance Buyers Reinsurance is like the weather.
Property insurance helps cover the damage or loss of your property like structures or buildings and items including equipment furniture inventory supplies and fixtures. Many of us talk about it but most cant do much to change it. Its aim is to reduce financial uncertainty and make accidental loss manageable.
Casualty insurance mainly protects you against legal liability for bodily injury BI andor property damage PD you cause to other people. Purpose of insurance Technically the basic function of property casualty insurance is the transfer of risk. CCM is not a Travelers Company.
Casualty Insurance - Protection against financial loss due to legal liability as a result of bodily injury BI or property damage PD resulting from an accident caused by an insured. Just as the weather often is blamed for a shift in our. Covers commercial vehicles and drivers for collision liability property damage personal injury and comprehensive coverage also known as other than collision.
How Does Property Casualty Insurance Work. Real Property - Land and attached structures Personal Property - Items not attached to land or dwelling such as clothing jewelry etc. Therefore we have included several documents produced by national organizations which serve as an excellent complement to our Insurance 101.
New courses are added throughout the year and existing courses are regularly revised and updated to ensure that you get the most current relevant information available. Lets talk about some of the basic elements of property and casualty. Property Casualty Coverage 101.
Below is a list of the commercial lines continuing education courses currently offered by IRMI and WebCE. Property and casualty insurance are typically bundled together into one insurance policy. It covers property damage caused by fire.
Insurance is underwritten by The Travelers Indemnity Company and its property casualty affiliates One Tower Square Hartford CT 06183. Through AIAs dedicated staff and in-house policy team we stand ready to assist your. Covers loss and damage to your commercial business property due to fires storms and other causes.
In other words liability or casualty coverage will pay for accidental damage you cause to another person or their property.
