Get Against Loss Or Damage

An insurance policy spells out what is or is not covered caused by all or specific perils (causes of damage or injury). Insurance is also a contract whereby an organization agrees to indemnify another and/or to pay a specified amount for covered losses in exchange for a premium.

What is 'loss' in insurance? In insurance, 'loss' is the financial damage one suffers due to an insurable event. Under the terms of a policy, the insured needs to incur a loss in order for them to have a claim for damages. This could mean a property loss, such as damage as a result of a fire that burned down a house.

Loss is damage, detriment, or suffering flowing from the act or omission of another. It is once this loss occurs that an action for damages or compensation can be brought. A common example of loss is that arising in personal injury cases.

Loss and damage normally refers to the destructive impacts of climate change that cannot be or have not been avoided by what is known as 'mitigation' (reducing greenhouse gas emissions) or 'adaptation' (adjusting to and building resilience against current and future climate change impacts).

Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance covers legal costs and payouts for which the insured party would be found liable.

Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.

Casualty insurance is a broad category of insurance coverage for individuals, employers, and businesses against loss of property, damage, or other liabilities. Casualty insurance includes vehicle insurance, liability insurance, and theft insurance.

In economic terms, the difference between loss and damages lies in that damage is perceived as the loss of property and property valuables protected by law and not based upon the economic value of the object, whereas loss is understood as the result of illegal activities or omissions of direct (costs incurred) or ...