The pericardium is composed of two layers - the outer fibrous pericardium and inner serous pericardium. The fibrous pericardium surrounds and protects the heart, while the serous pericardium forms a double-layered sac with a fluid-filled space between. The serous pericardium has a parietal layer lining the fibrous pericardium and a visceral layer attached to the heart. Conditions like pericarditis cause inflammation of the pericardium, while pericardial effusion occurs when excess fluid accumulates in the pericardial space, which can lead to cardiac tamponade.