[[Actuarial Notes Wiki|Wiki]] / [[Actuarial Methods]] / [[Insurance]] / ==Property and Casualty Insurance (P&C)== > **Property Insurance** provides coverage against most risks to physical [[property]] owned by individuals or business, such as fire, theft and some weather damage. Most insured property are buildings or vehicles, and specialty coverage exists for fine art and other valuable items. > - [Property Insurance](), Wikipedia > **Casualty Insurance** is primarily liability coverage for negligent acts or omissions. It covers legal and settlement fees if you're found legally responsible for an accident that causes injuries to another person, or damage to another person's belongings. > - [Casualty Insurance](https://en.wikipedia.org/wiki/Casualty_insurance), Wikipedia ## Types of P&C Insurance Personal insurance covers individual people and families, while commercial insurance covers businesses. Property Insurance Policies can offer either **Replacement Costs** or **Actual Cash Value**, if irreparable damage occurs to the insured property. | Personal P&C Insurance | Description | | ------------------------ | ---------------------------------------------------------------------------------------------------------- | | Homeowners | Dwelling, personal property, liability, and additional living expenses. | | Renters | Personal belongings and liability for tenants. | | Condominium | Unit interior, upgrades, personal property, and liability. | | Auto Physical Damage | Collision and comprehensive coverage for owned vehicles. | | Auto Liability | Bodily injury or property damage caused to others when operating a vehicle. | | Specialty | Valuable art collections, jewelry and one of a kind items. | | Specialty Perils | Property damage caused by flooding, earthquakes, and other rare perils. | | Umbrella | Additional personal liability coverage above the limits of homeowners, auto, or other underlying policies. | | Commercial P&C Insurance | Description | | ----------------------------- | ------------------------------------------------------------------------------------- | | Commercial Property | Physical damage to buildings, equipment, inventory, and business interruption losses. | | Cyber, Data, and Identity | Cyber risks, data breaches, and identity theft. | ## Open Perils vs. Named Perils Property is insured in two main ways: through open perils and named perils. - [Named vs. Open Perils](https://www.insurancejournal.com/magazines/mag-features/2024/11/18/801373.htm) - Wilson, Insurance Journal, 2024 | Peril Type | Description | | ---------------- | ----------------------------------------------------------------------------------------------- | | Open Perils | Cover all the causes of loss not specifically excluded in the policy. | | Named Perils | Requires that the actual cause of loss to be listed in the policy for insurance to be provided. |