Insurance Glossary

Established in 1993 by the Florida Legislature, the trust fund is funded by surcharges on certain insurance policies and the money is used to fund emergency management activities at both the state and local level. Each of Florida's 67 counties receives an equal share annually from these funds.

Amendment to the policy used to add or delete coverage. Sometimes referred to as a Floater or Rider.

Equipment Breakdown coverage is additional coverage available to policyholders which protects against an accidental direct physical loss to “covered property” located at the “residence premises” which is caused by an “equipment breakdown” to items such as; household appliances, computer equipment, electrical panel, pool equipment, solar electric systems, personal electronics, water heater, security systems, and more.

In investments, the ownership interest of shareholders. In a corporation, stocks as opposed to bonds.

A professional liability policy covering the policyholder for negligent acts and omissions that may harm his or her clients.

Property/casualty coverage that isn’t available from insurers licensed by the state (called admitted insurers) and must be purchased from a non admitted carrier.

A provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or locations.

A captive agent, or a person who represents only one insurance company and is restricted by agreement from submitting business to any other company unless it is first rejected by the agent’s company. (See CAPTIVE AGENT)