Marine casualty
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Casualty insurance is a defined term which broadly encompasses
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
not directly concerned with
life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...
,
health insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...
, or
property insurance Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or bo ...
. Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions.AllBusiness
Casualty Insurance
However, the term has also been used for property insurance,
aviation insurance Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporat ...
, boiler and machinery insurance, and glass and crime insurance. It may include
marine insurance Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance a sub-branch of mari ...
for shipwrecks or losses at sea, fidelity and surety insurance,
earthquake insurance Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insuran ...
,
political risk insurance Political risk insurance is a type of insurance that can be taken out by businesses, of any size, against political risk—the risk that revolution or other political conditions will result in a loss. Political risk insurance is available for seve ...
,
terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terror ...
,
fidelity Fidelity is the quality of faithfulness or loyalty. Its original meaning regarded duty in a broader sense than the related concept of '' fealty''. Both derive from the Latin word , meaning "faithful or loyal". In the City of London financial m ...
and
surety bond In finance, a surety , surety bond, or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a person or company (a ''sure ...
s. One of the most common kinds of casualty insurance today is
automobile insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury ...
. In its most basic form, automobile insurance provides liability coverage in the event that a driver is found "at fault" in an accident. This can cover medical expenses of individuals involved in the accident as well as restitution or repair of damaged property, all of which would fall into the realm of casualty insurance coverage. If coverage were extended to cover damage to one's own vehicle, or against theft, the policy would no longer be exclusively a casualty insurance policy.


Definitions

The state of
Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...
includes vehicle, liability, worker's compensation, glass, livestock, legal expenses, and miscellaneous insurance under its class of casualty insurance. In 1956, in the preface to the fourth edition of ''Casualty Insurance'' Clarence A. Kulp wrote:
Broadly speaking, it may be defined as a list of individual insurances, usually written in a separate policy, in three broad categories: third party or liability, disability or accident, and health, material damage. One of the results of comprehensive policy-writing .... is to raise the question of the usefulness of the traditional concept of casualty insurance ... some insurance men predict that the casualty insurance of the future will include liability and disability lines only.
Later in Chapter 2 the book states that insurance was traditionally classified under life, fire-marine, and casualty. Since multiple-line policies began to be written (
insurance contract In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as ...
s covering several types of risks), the last two began to merge. When the
NAIC Naic (), officially the Municipality of Naic (), is a municipality in the province of Cavite, Philippines. According to the 2020 census, it has a population of 160,987 people. Etymology Naic, Cavite is one of the former barrios of Maragond ...
approved multiple underwriting in 1946, casualty insurance was defined as a blanket term for the legal liability except for marine, disability and medical care, and some damage to physical property.Kulp CA, Hall JW. (1968)
928 Year 928 ( CMXXVIII) was a leap year starting on Tuesday of the Julian calendar. Events By place Europe * King Rudolph I loses the support of Herbert II, count of Vermandois, who controls the prison at Péronne in which former King ...
''Casualty Insurance''. The Ronald Press Company.


See also

* Wiktionary:casualty * List of finance topics (Insurance)


References

{{DEFAULTSORT:Casualty Insurance Types of insurance