Insurance & Liability

Insurance is an essential economic tool, which reduces financial risk, while spreading financial loss. Today's multi-billion dollar industry originated in antiquity when merchants spread losses from shipwrecks by transporting merchandise in several ships. Extraordinary disasters, such as London's Great Fire, gave birth to modern property, casualty, and fire insurance. Life insurance experienced rapid growth in the last century often with the additional of insurance retirement savings. Socialized medicine has made health insurance obsolete in most industrialized countries, except the U.S. Industry-specific insurance, such as budget/time overruns on movie projects, insures any type of project, development, asset, or liability.