Property and Casualty Insurance

Today we at Federal National Funding would like to discuss property and casualty insurance.

For starters, property and casualty is designed to help protect your possessions from theft or destruction and your assets from being used up in the event of a disaster or litigation claims brought against you.

The side that handles property side of a policy insures physical items, such as your home, commercial buildings, vehicles, personal items or business inventory. Some forms of property insurance include homeowner’s insurance, fire insurance, flood or earthquake insurance, and automobile insurance.

Insurance contracts such as these may include “open perils” or a “named perils” clause. An open perils clause covers losses for reasons that are not specifically listed in the policy. Typical exclusions are earthquakes, floods, and acts of terrorism or war. A named perils clause on the other hand, requires the actual causes of the loss to be listed in the policy.

Also called liability insurance, casualty insurance covers losses that you may cause to other individual or business. For example, if you have liability insurance on your car and another party is injured in a collision caused by you, your liability insurance will take care of the other person’s medical and repair costs. In addition, if someone sues you because of harm you may have caused to him or to his possessions, your casualty insurance may cover the cost.

Individuals and businesses alike can purchase property and casualty insurance. Personal policies include homeowner’s insurance, renter’s insurance, and automobile insurance. Meanwhile, commercial policies are written specifically for businesses and other organizations.

If you are interested in protecting your assets with property and casualty insurance and wish to learn more, click here or call our office at 201-342-3300. One of our associates will be happy to speak to you.