A loss incurred due to an accident.
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UK: A term describing a loss, particularly used in the insurance of marine hulls. See CASUALTY BOOK; CASUALTY INSURANCE.
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Loss or liability arising from an accident or mishap, excluding certain losses or liabilities which, by law or custom, are considered as falling exclusively within the scope of the protection provided by Fire or marine Insurance. Casualty includes, but is not limited to, losses or liability covered by Employers Liability, Workmen’s Compensation, Public Liability, Automobile Liability, Plate Glass, Burglary and Theft Insurance.
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Refers to a loss, particularly the loss of a ship.
Insurance Encyclopedia
Casualty Actuarial Society (CAS)
A professional society for actuaries in areas of insurance work other than Life Insurance. This society grants the designation of Associate and Fellow of the Casualty Actuarial Society (ACAS and FCAS).
Casualty book
Stands in the centre of the underwriting room at Lloyd’s into which details of vessels that are, or likely to become, total losses are entered with a quill pen.
Casualty business
Another term for liability insurance.
Casualty catastrophe
A large loss due to an accident.
Casualty coverage
the type of iNSURANCE concerned with legal liability for losses caused by bodily injury to others or physical damage to property of others. can be found in commercial liability policies, commercial auto policies, homeowner, dwelling and tenants policies, and umbrella policies.
Casualty insurance
UK: A US term most associated with general liability but also embraces such diverse forms as plate glass, crime, boiler and machinery, surety bonds and aviation insurance. The term distinguishes these forms of insurance from those written in the US property insurance sector.
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Generic term for Insurance that is primarily concerned with (a) legal liability for injury to persons or damage to property of others or (b) U.S. term for non-life insurance other than fire, marine or surety business. (c) property damage caused by a casualty, such as a boiler explosion. Refer: “Casualty.”
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US: Insurance concerned with the insider’s legal liability for injuries to others or damage to other persons’ property; also encompasses such forms of insurance as plate glass, burglary, robbery and workers’ compensation.
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Insurance that is primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others.
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MEDICAL,USA: Type of insurance that covers loss or liability caused by an accident that includes injury to persons or damage to the property of others. It includes automobile liability insurance, aviation insurance, burglary and theft insurance, employees’ liability insurance, bonding or forgery insurance, personal liability insurance, plate glass insurance, power plant insurance, public liability insurance, and workers’ compensation. Also referred to as property/casualty insurance.
Casualty insurance (Liability)
Insurance that covers the legal responsibility for losses stemming from damage to another’s property or an injury to someone’s person.
CAT
Common abbreviation of catastrophe, or catastrophic storm, resulting in severe damage. CAT claims, CAT damage, CAT adjusters, CAT storm are common references to insurance activities responding to damage from catastrophic storms.
Cat Bonds
See: Catastrophe Bond.