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foreign [Music] Insurance the product is a Promise This Promise is detailed in a contract between the insured and the insurer called a policy which defines which risks are included and excluded and what amounts will be paid if the risk event occurs there are hundreds of risks which individuals and businesses face which they may want Insurance to protect them from the insurance industry groups these into three main categories Property and Casualty or PNC life and health PNC and health are sometimes referred to as non-life and PNC specifically is also sometimes called General Insurance we'll start with p and C property includes things owned like cars and buildings or a business casualty otherwise known as liability covers your responsibilities to others what you might have to pay because of something you did or failed to do if you hit another car the damage to your car is an example of property but the damage to the other car is liability the value of property is broadly fixed so the maximum cost or exposure is defined in the policy for casualty the range of outcomes is unknowable a car accident could cause no harm or it could result in millions of dollars of damages to manage their exposure insurers usually set a limit on Casualty Insurance although some Property and Casualty risks can be insured individually most insurance policies include both there are two main segments personal and Commercial in personal the two largest categories are home and motor or Auto Insurance within home you may need owners renters or condominium Insurance each covering a different mix of property and liability risks similarly with motor insurance there are different policies for different combinations of risks to get additional protection for the amount above the liability limits in your auto or home insurance you can buy an umbrella or excess liability policy and there are many other personal policy types for example pet and travel insurance buildings and motor risks appear again in commercial policies as well as a whole range of risks specific to businesses property risks include a company's stock and assets and also Financial loss due to business interruption or customers not paying under casualty most service businesses need professional liability insurance otherwise known as errors and omissions or professional Indemnity to cover failure to deliver or damage cost the exact risks differ by profession so a policy for plumbers will be different to one for Consultants liability for your product causing harm is covered by product liability while workers compensation covers responsibility for harm experience by employees at work Regulators or business relationships like a lease or contract may require businesses to have insurance for example workers compensation or professional liability some further risks are covered by specialty policies cover for these risks can be sold Standalone but are often packaged into single policies a standard business owner's policy or Bop in the U.S includes basic risks for small businesses professions like lawyers and doctors with high value industry-specific risks have them packaged into their own specialist policies as do companies in specialist sectors such as Aviation and Marine the insurance industry calls these different groups lines of business this might refer to the overall group for example personal lines or the categories beneath them for example home lines or Motor Lines most property claims happen within the year of the policy a car accident or property damage is usually known immediately liability claims may take longer for example a product's impact on public health might not be identified for many years so insurers will have a good idea by the end of the year how big the claims are for property risks reliability the risk May in theory play out at any time in the future but as each year passes insurers can be increasingly confident about the size of any future claims they will need to pay out [Music]