Property and casualty insurance is precisely intended to help shield your assets from robbery or destruction and your possessions from being washed out through adversity or lawsuit claims not brought in your favor. This insurance typically comprises two kinds of coverage- protection for property and liability coverage.
The policy regarding property covers physical objects, like homes, commercial structures, motor cars, and personal assets or inventory related to business. Kinds of property insurance are proprietor’s insurance, fire insurance, earthquake or flood insurance, and vehicle insurance.
These kinds of insurance covers have clauses like “open risks” or “named risks”. The open risks clause insures for reasons that do not precisely get omitted in policies. Typical eliminations include floods, acts of war, acts of terrorism, and earthquakes. A termed risk clause requires the real reason of loss to be registered in the policies, like lightning, theft, fire, and explosion.
Casualty cover, or liability cover, insures you for the losses that may be caused by you to add business or individuals. This kind of coverage is called “third-party”. Let’s say, you have a liability cover on your own car and some other party is hurt in a crash caused because of you, the liability insurance that you have will cover the other individual’s repair and medical expenses. In addition to this, if somebody sues you since you have caused harm to him or his possessions, your casualty cover may take care of the cost.
Casualty and property insurance can be purchased by persons and businesses alike. Personal plans comprise insurance of homeowners, insurance of renters, and insurance of automobiles, whereas the commercial plans are written precisely for businesses and additional establishments and may comprise of overall commercial liability, compensation to workers, and insurance of commercial properties.
If you do get concerned about your possessions and want to protect them from harm and you think that your assets would be diminished due to costs of liabilities, then you must consider the insurance of property and casualty that is suitable for you. When you choose an insurance policy, be sure to inspect all your choices, also consider the advantages and disadvantages of all kinds.
Property casualty insurance has various kinds of covers that you can choose from:
- Insurance cover for homeowners
- Insurance cover for cars
- Condo Insurance cover
- Insurance cover for renters
- Insurance cover for power sports
- Insurance cover for landlords
Points to remember when buying the policies:
- Buy the policies of casualty and property insurance from the companies that are registered with IRDAI
- You can also buy these policies after comparing all the plans online
- Be careful when reading the policy-related documents, double-check whatever is included and excluded
- If you purchase any policy from an agent, don’t forget to check the identity cards and licenses of the agents
This insurance cover has the above-mentioned benefits and is important especially for entrepreneurs, or small and medium enterprises because it is sensible to buy policies as complete packages that cover all the requirements. So go ahead and get your insurance cover.