Insurance Industry: Overview

Abstract

Insurance can be described as a financial‐risk‐transfer mechanism. However, concern among owners, contractors, and design professionals grows as costs increase and the acquisition of adequate coverage remains difficult. This paper provides a description of the property and casualty industry, a process to establish an insurance company relationship, types of policies available and their costs, loss‐prevention programs, and sources of information to evaluate companies. Owners, contractors, and design professionals will enhance their ability to successfully manage an insurance portfolio with a better understanding of the industry and its processes.