What is Commercial Property/Casualty Market Index Survey
The Commercial Property and Casualty Market Index Survey is a survey of the members of the Council of Insurance Agents & Brokers that provides quarterly information on market conditions.
BREAKING DOWN Commercial Property/Casualty Market Index Survey
The Commercial Property and Casualty Market Index Surveys are conducted quarterly and update the public on the changing conditions of the commercial property and casualty market. The surveys cover the rate of premiums over commercial accounts of all sizes, track trends by region and include commentary on market conditions made by existing members.
The results are disseminated to the media in the form of press releases, which are then used to educate the public and fellow commercial property and casualty providers. Established in 1999, it is the longest-running survey of its kind. The council's members who are surveyed provide 80 percent of all commercial property and casualty premiums in the United States.
There is an additional biannual survey completed by the group which is called the Employee Benefits Market Index.
What is Commercial Property and Casualty Insurance
As with residential properties, commercial properties need to carry insurance to cover them against loss and damage. What sets a residential property apart from a commercial property is that a commercial property generally generates income, and they usually require a separate zoning distinction. Some examples of commercial properties are retail stores, industrial centers, and apartment complexes. There are many additional forms of commercial properties, but these are a few common examples. An example of coverage through a commercial property insurance policy would be if Food and Stuff Grocer’s had a pipe burst in their bathroom, causing a major flood to occur in their store. If their commercial policy carries the riders needed, they may be insured against the cost of the repairs and may even cover any loss of revenues that their closure cost the company.
Casualty insurance is a broad term for an insurance policy that covers against many forms of loss. This can include death, injury, theft and damage. This form of insurance generally includes a liability coverage for when a person or entity is at direct fault for the ensuing loss. An example of a covered type of loss would be if Mary Smith wasn’t paying attention and drove through a red light, causing her to crash her car into another party who had the right of way. Mary Smith is directly at fault and her negligence caused the accident. If she carried the correct type of liability coverage on her casualty insurance, the ensuing loss would be covered under her plan.