Damage to someones property if you were at fault.

$1 billion in property damage.

Property damage insurance covers damage to property, usually with exclusions. The insured pays monthly premiums and files a claim for any damage that the property receives. The insurer then sends out a claims adjuster to inspect and come up with a monetary amount for the damage.

Propety Damage covers you if you damage someone elses property. Liability covers you in the event of a lawsuit.

In insurance terms, "PD" refers to property damage or physical damage to property. "Bi" refers to Bodily injury.