A Video Explaining Casualty Insurance
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"Casualty insurance” is defined as an “agreement to indemnify against loss resulting from a broad group of causes such as legal liability, theft, accident, property damage, and workers' compensation.” Black's Law Dictionary 871 (9th ed. 2009).
Liability insurance is part of the casualty line of insurance. A “casualty” is an accidental injury, a fortuitous event.
Applying the ancient maxim of the law that “for every wrong there is a remedy...” casualty and liability insurance exists to fund the remedy.
Another feature of casualty insurance policies is that they are limited to injuries to persons other than the insured.
At one time, insurers were limited by statute and their charters were limited as to the type of insurance they could write. Some include:
Political Risk or Government Liability
Employee Theft and Dishonesty
Identity Theft, and