Property and Casualty Insurance

Summary

This practice note discusses the fundamental aspects of property and casualty insurance. Property insurance and casualty insurance are often sold as a unified product. The combined insurance product protects designated physical property and persons or entities (collectively called the insureds or the policyholders) from loss or damage. The liability (casualty) part of the combined product protects the policyholder (or insured) from financial liability for which they are found legally liable.