Personal Catastrophe Insurance
Definition - What does Personal Catastrophe Insurance mean?
Personal catastrophe insurance is an extension to an existing policy that covers property or vehicular liability. It protects he policyholder against expensive damages in tort that might ruin them financially.
Insuranceopedia explains Personal Catastrophe Insurance
This policy acts as a protective barrier to an untoward financial event, the cost of which far exceeds what the primary property or vehicular liability coverage can provide.
Personal catastrophe insurance provides welcome protection when a person is seriously injured on the insured's property and is awarded a large amount in damages. It also proves helpful when the courts demand an unexpected amount from the insured that they cannot afford.