Insurance carrier or insured stops coverage prior to the policy’s normal expiration date.
A request for reimbursement for a loss covered under the policy.
Civil Authority An insurance policy provision that will typically extend coverage for Business Interruption and necessary Extra Expense caused by action of civil authority that prohibits access to the described premises due to direct physical loss of or damage to property. The requirements for coverage under this provision are the existence of an order of civil authority which prohibits access to the insured premises, is caused by or results from physical damage to property other than insured property, that damage to property must be due to a peril covered under the policy, and that denial of access must be the proximate cause of loss of business income.
Civil Remedy Notice
In Florida, Civil Remedy, also known as "Bad Faith," allows an individual to sue an insurance company for damages and to recoup court costs and attorney's fees. In order to use this law, the person or their attorney, must submit a Civil Remedy Notice
to the Department of Financial Services (DFS) and the insurance company at least 60 days prior to filing suit. This Notice must be submitted to DFS by using the DFS Civil Remedy website
and then sent to the insurance company.
An adjuster who is employed and works solely for an insurance company or self-insured entity.
The part of the insurance policy that explains the obligations of the insured and the insurance company under the property, for property and liability. It explains your duties in the event of a loss and how the company will settle.
Coinsurance refers to the bargain between a commercial property owner and an insurance company. The clause in property policies encourages the property owner to gauge coverage needs by possible, not probable, maximum loss.
A property insurance peril, subject to its own specific agreement in commercial property policies, which otherwise insure on an open perils basis.
An accident, including accidental damage by forces of nature which brings a contract of insurance into play.
Coverage - The scope of protection provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification. In life insurance, living and death benefits are listed.