PROPERTY AND CASUALTY INSURANCE
PROTECTION AGAINST CATASTROPHES
Property and casualty insurance covers any personal or property damages incurred by the deed holder who pays a monthly premium. More specifically, property insurance covers business-related tangibles and intangibles such as money and securities, accounts-receivable records, inventory, furniture, machinery and supplies. Most basic casualty policies cover loss due to fire and theft and other such disasters. This type of insurance is becoming expensive and harder and harder to get.
However, without property and casualty insurance, real estate markets would fail. The economy relies on the support of this type of insurance. The premise is that one loss is carried by the many that pay into the pot. However, losses in 2001 exceeded $7.9 billion.
Many people see the value of property insurance, but not casualty insurance. Unfortunately, when a catastrophe occurs, those same people are left with nothing since they don’t have casualty insurance. When disasters strike, literally everything you own could be lost and without casualty insurance, most people cannot afford to replace all their valuable possessions. Make sure when you purchase coverage it is based on “replacement costs” not current actual cash value.
Shop smart to get the best value. Do your homework online or ask your current insurance agent to help. Many times you can get a multiple policy option if you already carry some other type of insurance a single insurance company. This will save you money. Your agent should be able to guide you in the right direction.
Workers’ compensation insurance is the most common type of casualty insurance, wherein business owners protect themselves from liabilities that may arise when an employee is injured on the job.
Fidelity insurance, also known as surety bonds, protects people from fraud. In this day and age, there is also a specific type of casualty insurance that protects people from identity theft and internet fraud.
Some casualty insurance can be too specific. As with all insurance, it is important to read the policy first to avoid problems and possible denial of a claim when catastrophe strikes.
Should you find yourself in the position of being denied a casualty insurance claim, your best option is to find a qualified catastrophic injury attorney. A catastrophic injury lawyer specializes in casualty insurance claims and has been down this road many times. They will be able to review your claim, assist you in filing you appeal and in gathering all the documentation necessary to successfully deal with the insurance company denial.
Tags: Health Insurance Claim Denial, Erisa Law
Health Insurance Claim Denial Erisa Law
