2-20 General Lines Florida Insurance

Front 1

Abandonment Clause

Back 1

often contained in a p/c policy stating that the insured cannot abandon damaged property to the (dump on) insurer and demand reimbursement for the full value.

Front 2

Accident

Back 2

Sudden fortuitous event

Front 3

Accounts Receivable Coverage Form

Back 3

Inland Marine Coverage form which insures against loss the insured suffers becasuse of an inability to collect from customers when AR records are damaged.

Front 4

Actual Cash Value (ACV)

Back 4

Current cost to replace and item of property at the time of loss, less an allowance for depreciation. Most basic way to determine amount of reimbursement for a loss (Replacement Costs -Depreciation). Safegaurds in place to ensure no profit by insureds ("new for old"). i.e coinsurance or stipulations that the repairs must be done prior to payment. Contrasts to "valued policies"

Front 5

Admitted Aircraft Liability Coverage

Back 5

Coverage sometimes written in conjunction w/ Aircraft Passenger Liability which can provide reimbursement for death of dismemberment.

Front 6

Aggregate Limit

Back 6

Type of policy limit found in liability policies which limits coverage to a specified total amount for all losses occurring within the policy period.

Front 7

Agreed Value

Back 7

Written with property insurance policies. It waives the coinsurance clause and requires the insured to carry insurance equal to at least 80% of a signed statement of values filed with the company

Front 8

Aircraft Hull Insurance

Back 8

Physical damage insurance provided to cover the loss or damage to an insured aircraft, in motion, not in motion or both.

Front 9

Aircraft Liability Insurance

Back 9

Coverage written to cover public and passenger liability and property damage

Front 10

Aircraft Liability Insurance

Back 10

Coverage written to cover public and passenger liability and property damage