BROADCASTS.com

Published: Sept. 16, 2020, 3:15 p.m.

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https://zalma.com/blog

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Casualty Insurance

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Many people use the terms \\u201ccasualty\\u201d and \\u201cliability\\u201d as if they were synonymous. However, casualty insurance includes insurance that does not fall within the definition of liability insurance. \\u201cCasualty insurance\\u201d is defined as an \\u201cagreement to indemnify against loss resulting from a broad group of causes such as legal liability, theft, accident, property damage, and workers\' compensation.\\u201d Black\'s Law Dictionary 871 (9th ed. 2009).

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Liability insurance is part of the casualty line of insurance. A \\u201ccasualty\\u201d is an accidental injury, a fortuitous event.

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For every such harm there is a law or legal principle that places the burden of the consequences back on the finances of the initiator of the harm. Applying the ancient maxim of the law that \\u201cfor every wrong there is a remedy...\\u201d liability insurance exists to fund the remedy.

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Another feature of casualty insurance policies is that they are limited to injuries to persons other than the insured. The ultimate concern of these policies is the insured\\u2014the person who buys the insurance who needs to be protected from claims made by third persons.

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At one time, insurers were limited by statute and their charters were limited as to the type of insurance they could write. Casualty insurance could only be written by casualty insurance companies. That is no longer the case and casualty insurance may be written by any insurer willing to do so with sufficient assets to perform.

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\\u2022 Terrorism Coverage

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\\u2022 Flood Insurance

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\\u2022 Political Risk or Government Liability

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\\u2022 Employee Theft and Dishonesty

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\\u2022 Surety Bonds

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