Casualty and Liability Insurance Policies - Revision Sheet

1. 📌 Essentials

• Casualty & liability insurance cover legal liabilities for damages or injuries caused to third parties.
• Auto liability pays for bodily injury and property damage, with limits split or combined.
• UM/UIM cover injuries from uninsured/underinsured drivers.
• Commercial auto excludes truckers; covers autos.
• Garage coverage insures auto dealers/repair shops, including garagekeepers.
• CGL covers bodily injury, property damage, and personal injury.
• BOP combines property and liability, not monoline.
• Workers compensation provides no-fault coverage for work-related injuries.
• Crime policies can be discovery or loss-sustained forms.
• ** liability** protects against errors, malpractice, D&O, cyber.
• Umbrella/excess policies extend limits, with underlying policy requirements.
• Bonds guarantee performance (surety) or honesty (fidelity).

2. 🧩 Key Structures & Components