PROPERTY DAMAGE LIABILITY:
Automobile insurance covers property damage liability. If the person (insured) is at fault who caused damage to another person’s property or vehicle, it helps in covering damage charges of another person which took place in a car accident. In most states, it is mandatory to take property damage liability coverage. However minimum amount requirement of property damage liability depends upon the state in which the insurance policy has been taken.
INCLUSIONS IN PROPERTY DAMAGE LIABILITY:
PRIVATE PROPERTY: vehicles, houses, lawn, fence.
PUBLIC PROPERTY: street lights, fencing, building, road […]
Property and casualty insurance is a type of coverage that helps to protect you and your belongings. It is also known as P&C insurance. It’s an umbrella phrase for a variety of insurance policies that cover your personal belongings and provide liability protection.
Property insurance helps cover things you own, such as your house or car. It is an insurance policy popular with business owners, which protects the business property in the event of damage and theft, covering the structure and its content.
Casualty insurance is a general insurance policy that protects companies from risks or liabilities that […]
Introduction to P&C (Property and Casualty) insurance
Insurance is defined as a contract in which an individual or organization receives financial protection and reimbursement of damages from the insurer or the insurance company. On a basic level, Insurance is some form of protection from any unpredictable financial losses. We all know about life insurance, but there is another category of insurance known as P&C insurance which is quite different. Life insurance covers risks only associated with human mortality and morbidity whereas P&C insurance is focused on risks that result in a loss to property and […]