Actual Cash Value	Endorsement	Named Perils
Additional Insured	Exclusions	Reinsurance
Conditions	Hurricane Deductible	Replacement Cost
Deductible

Actual Cash Value (ACV): Cost of replacing damaged property with comparable new property, minus depreciation (decrease in value due to wear, tear and time). For example, a 10-year old chair will not be replaced at current value, if purchased new, because of a decade of depreciation.

Additional Insured: Is a person that enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. It applies where the original named insured needs to provide insurance coverage to additional individual(s). These individuals may have their interests covered under the policy contract by endorsement, if qualified.

Conditions: The section of the insurance policy that details the duties and responsibilities of both the insurance company and the insured.

Co-applicant: Individual(s) who are listed on the title to the property to be insured, who also permanently reside at the location. These individuals may have their interests covered under the policy contact by endorsement, if qualified.

Deductible: Amount of the loss that you pay before the insurance coverage begins.

Endorsement: An addition to the basic policy contract. Some endorsements are amendments to the policy contract and others are optional to personalize a policy, usually for an additional premium.

Exclusions: Conditions that are not covered by the insurance policy contract.

Hurricane Deductible: Amount of the loss caused by a named hurricane that you pay before the insurance coverage begins. For Homeowner Policies: The state of Florida requires a minimum $500 deductible, however the typical deductible for People’s Trust clients is 2% of the policy dwelling limit (Coverage A). Higher deductibles (e.g. 5%, 10%) may be available and may result in an overall premium reduction

Named Perils: Perils, or the cause of loss, that are specifically covered under the insurance policy.

Reinsurance: Insurance for insurance companies, a way for a primary insurer to protect against unforeseen or catastrophic losses.

Replacement Cost: The amount needed to replace damaged property without deducting for depreciation. This amount is limited by the dollar amount stated on the declarations page of the policy or as otherwise stated in the policy.

Note: Any details of the coverage and programs we provide are necessarily abbreviated in these pages. All coverage is subject to the provisions, limitations and exclusions stated in the policy contract. Any claim will be evaluated on its own merits. For a complete explanation of coverage, please consult one of our customer service representatives.