Search results
Results from the WOW.Com Content Network
Casualty insurance is a defined term [1] which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance. Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions. [2] However, the term has also been used for property insurance ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
Casualty, disaster and theft loss: If your property incurred any damages related to federally declared disasters like an earthquake or flood, and your insurance claim was denied, you may be able ...
This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below:
The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire. [1] The mutual/casualty insurance industry began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship for the Insurance of Houses From Loss by Fire. [1]
State Farm Insurance is a group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. Founded in 1922, it is the largest property, casualty and auto insurance provider in the United States.
Here are some key points to consider regarding the deduction of casualty losses in the United States: Qualified Casualty Loss: The loss must be caused by a sudden, unexpected, or unusual event, such as a natural disaster (e.g., fire, flood, hurricane) or an accident. Damage due to normal wear and tear or progressive deterioration typically does ...