Property casualty insurance covers large pieces of property, such as homes, cars and businesses. This insurance often protects the insured from liability for damaging the property of others. There are special policies available for individuals who want to be protected from crime, equipment breakdown, farm crops and medical liability. The ways in which this insurance industry is regulated have remained unchanged since the mid-19th century, according to McKinsey & Company.
Businesses that operate on a national scale must conform to different regulations from state to state, according to the National Association of Mutual Insurance Companies. However, having state regulations over government regulations are often preferable since even minor federal regulations can eventually be expanded to a point where businesses have a difficult time operating under them.
One area of property casualty law subjected to regulation is automobile liability insurance. Individuals who cause accidents that cause other motorists to experience a loss of property must have insurance that covers the loss caused by the damage. Every vehicle must be covered by a liability insurance plan, according to the New Jersey Department of Banking and Insurance.
Some states have insurance underwriting organizations that help car owners who come from low-income families obtain automobile insurance, according to the New Jersey Department of Banking and Insurance.
Those who have oil tanks often need to have liability insurance to cover them in the event that pollution damage occurs via covered peril. Oil tanks eventually leak, so many states require that the oil tanks be regularly inspected and replaced, according to the New Jersey Department of Banking and Insurance.
Insurance companies providing property casualty insurance must report annual statistics to relevant statistical organizations so that these organizations can keep up-to-date statistical trends regarding the insurance companies.
The Open Public Records Act mandates that public property casualty records must be available to anyone who requests this information.
Property that can be insured includes amusement park rides and devices, animals, valuable documents transported via armored car, race cars, money lost through contract frustration, injuries and damage caused by environmental disasters such as chemical leaks, fireworks, fine art, product under recall and warehouses. Ski jumps and ice rinks can also be insured.