Definition - What does Casualty mean?
A casualty refers to damage or loss to a person or thing, including any type of property, as a result of an accident. There are various insurance policies available to cover the losses suffered in such cases.
Insuranceopedia explains Casualty
Casualty insurance may refer to many types of insurance, such as employees' insurance and property casualty insurance. Many large organizations have a type of employee casualty policy to covers all types of legal and related expenses in the event of an error or omission made by their employees.
Property casualty damage provides protection against any type of financial loss incurred by a third party or their belongings. This type of insurance is considered "umbrella insurance" as it covers all types of damages.