Property/casualty insurance is insurance on homes, cars, and businesses. Technically, property insurance protects a person or business with an interest in physical property against its loss or the loss of its income-producing abilities. Casualty insurance mainly protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others. ISO provides services for insurance companies that write the following lines of property/casualty insurance: Commercial Lines
automobile
businessowners (property and liability combined for smaller commercial customers)
capital assets (output policy)
crime and fidelity
electronic commerce
employment-related practices liability
equipment breakdown (formerly boiler and machinery)
farm
financial institutions
general liability
inland marine (diverse commercial goods and properties)
management protection
market segments
medical-professional liability
package policies (property and liability combined)
property
umbrella
workers compensation
Personal Lines
automobile
dwelling property
homeowners (property and liability combined)
inland marine (diverse personal goods)
personal liability (including personal umbrella)
watercraft
Fire insurance policies have four areas of coverage; 1) dwelling, 2) other structures, 3) personal property and 4) loss of use / additional living expenses. Here's what each of them covers:
Dwelling. The actual dwelling where you live – your house.
Other structures. Garages, sheds, pool houses or any 'other' structure on the property that is not a part of the dwelling.
Personal property. Your belongings such as furniture, paintings, jewelry, clothing and personal items – basically, the 'contents' of what is inside a dwelling or other structure. If personal property items are not specifically valued and listed in your homeowners' policy, chances are that you will receive a 'standard' amount for each item.
Water damage. Most homeowners' insurance policies only cover water damage that was the result of firefighters or broken water pipes. Other types of water damage are generally not included in homeowners' policies and must be purchased separately through the Federal Emergency Management Agency (FEMA).
Coinsurance is a clause in a fire insurance policy that requires the insured to main coverage equal to a certain percentage of the total recurrence value of the insured property.
Endorsements are known as riders and provide special and individual needs. (loss caused by lightning, wind, explosion, or some other peril)
3 Steps must be taken to prove that a particular loss should be indemnified (to make good a loss)
Insured must show that there was an actual fire. A glow or flame is required. Damage to an item resulting from scorching, blistering, or smoke due to being to near to a heat source is not enough.
The actual fire has to be hostile - a fire either started by accident, negligence, or a deliberate act uncontrolled by the insured OR a friendly fire ( a fire in its intended place that becomes uncontrollable)
The hostile fire has be be the natural and foreseeable cause of the loss.
What Is Property/Casualty Insurance?
ISO provides services for insurance companies that write the following lines of property/casualty insurance:
Commercial Lines
- automobile
- businessowners (property and liability combined for smaller commercial customers)
- capital assets (output policy)
- crime and fidelity
- electronic commerce
- employment-related practices liability
- equipment breakdown (formerly boiler and machinery)
- farm
- financial institutions
- general liability
- inland marine (diverse commercial goods and properties)
- management protection
- market segments
- medical-professional liability
- package policies (property and liability combined)
- property
- umbrella
- workers compensation
Personal LinesFire insurance policies have four areas of coverage; 1) dwelling, 2) other structures, 3) personal property and 4) loss of use / additional living expenses. Here's what each of them covers:
Water damage. Most homeowners' insurance policies only cover water damage that was the result of firefighters or broken water pipes. Other types of water damage are generally not included in homeowners' policies and must be purchased separately through the Federal Emergency Management Agency (FEMA).
Coinsurance is a clause in a fire insurance policy that requires the insured to main coverage equal to a certain percentage of the total recurrence value of the insured property.
Endorsements are known as riders and provide special and individual needs. (loss caused by lightning, wind, explosion, or some other peril)
3 Steps must be taken to prove that a particular loss should be indemnified (to make good a loss)
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