Miscellaneous Personal Lines Coverage

Umbrella Policy

Designed to provide coverage on a worldwide basis to third parties and does not pay benefits directly to an insured.

Federal Emergency Management Agency (FEMA)

Government agency that administers the National Flood Insurance Program (NFIP).

Yacht Policy

Ocean marine form, designed for larger vessels.
Coverage:

• Property and liability

• Bodily injury and damage to property of others

• Coverage for fuel spills, commercial towing, and dinghies

Bodily Injury

Legal liability arising from physical injury to a person, including sickness, disease, and death caused by the negligent or purposeful acts or omissions of an insured.

Personal Umbrella Policy

A policy covering (BI and PD) and Personal Injury Liability in excess of the insured's underlying policy limits.
This provides excess coverage over the limits of an underlying policy.

Boatowners Policy

Similiar to HO, provides bodily injury and property damage liability coverage for an occurrence arising out of the use or maintenance of covered property or a non-owned boat.

Write Your Own (WYO)

A cooperative effort involving FEMA and the private sector that allows existing property and casualty insurance companies to write, issue, and service flood insurance under their own names.

Flood Insurance

Flood policies provide protection for direct loss to insured property.
Flood is defined as a general and temporary condition of partial or complete inundation of land as a result of:

• Overflow of inland or tidal waters.

• Rapid accumulation or runoff of surface waters.

• Mudflow caused by accumulation of water.

• Collapse or destabilization of land along a shoreline.

National Flood Insurance Program (NFIP)

• 
  

• Enables property owners to purchase federal flood insurance.

• Administered by Federal Emergency Management Agency (FEMA).

Fair Access to Insurance Requirements
(FAIR Plan)

Established by states to provide basics property insurance to property owners who are unable to secure coverage in the standard property marketplace

Appraisal

Specifies that if the insured and insurer cannot agree on the amount of a loss, either may demand an appraisal.

Discrimination

Permitting individuals of the same class and hazard to be charged different premium rates for the same coverage.

Difference in Conditions
(DIC)
Insurance

DIC is a special form used to fill in the gaps of a property policy. There is no standard policy form, no coinsurance, no pro rata clause.

Personal Articles Floater
(Scheduled Article Floater)

Used to insure 'individual' personal property on an itemized or scheduled basis.
Coverage is worldwide.

Excess Coverage

Property coverage above the primary amount of insurance. Excess does not pay until primary is exhausted.

Earthquake Endorsement

The peril of earthquake, or earth movement, is excluded on virtually all property policies.
Included in the peril of earthquake are earth movement, land shock waves or tremors, landslide, mudslide, mudflow, sinkhole, and the rising, sinking, or shifting of the earth.