In South Carolina, what type of losses does the Catastrophe Savings Account not cover?

The Catastrophe Savings Account in South Carolina is designed to help individuals and businesses set aside funds for specific catastrophic events, typically those related to natural disasters like hurricanes. It can be used for certain types of losses associated with these disasters but does not cover personal injury claims.

Personal injury claims typically involve legal liabilities arising from accidents, negligence, or other personal harm and are generally addressed through liability insurance rather than through savings accounts meant for catastrophic event losses. The focus of the Catastrophe Savings Account is more on property-related damages and related financial preparedness rather than compensating for personal harm suffered by individuals.

In contrast, the other options directly relate to types of damage or losses incurred as a result of catastrophic events and fall within the scope of what the Catastrophe Savings Account is intended to address. This highlights the specific limitations of this account regarding personal injury, emphasizing the need for separate insurance coverage for such claims.