UK Accounting Glossary
Generally, casualty insurance is a type of indemnity that provides coverage against loss from injury or property loss. Specifically, casualty insurance offers protection against perils associated with legal liability, as well as health and sickness. Casualty insurance is a very broad category and includes almost all types of non-life insurance. Major classes of casualty insurance include most kinds of liability insurance, theft, aviation, workers’ compensation, credit, and title. Thus, casualty insurance contracts may cover liability arising from the use of an automobile, operations of a business, professional negligence, including malpractice insurance, or property ownership. Casualty insurance also comprises credit insurance, which may protect against the risk of bad debts from insolvency, disability, as well as the risk of loss of savings from bank failure. Casualty insurance may even cover the risk of commercial and political changes.
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This glossary post was last updated: 4th February 2020.