- Actual cash value (ACV)
- Replacement cost minus depreciation. Often the first payment on a replacement cost policy.
- Additional living expense (ALE)
- Coverage for extra costs of living elsewhere while your home is being repaired after a covered loss.
- Appraisal award
- The written decision signed by two of the three panel members that sets the amount of loss.
- Appraisal clause
- The policy condition that lets either side demand appraisal when they disagree on the amount of loss.
- Appraiser
- The person each side appoints to value the loss. Policies often require appraisers to be competent and independent.
- Arctic entry
- An enclosed entry vestibule common in Alaska homes that limits heat loss. It is part of the dwelling for claim purposes.
- Barge freight
- Shipping materials by barge to coastal or river communities, often on a seasonal schedule. A real cost in remote repairs.
- Borough
- Alaska's equivalent of a county. The state has 19 organized boroughs plus the Unorganized Borough.
- Census area
- One of 11 statistical divisions of Alaska's Unorganized Borough, used where no borough government exists.
- Coverage A
- Dwelling coverage for the house itself and attached structures.
- Coverage B
- Other structures coverage for detached garages, shops, sheds and fences.
- Coverage C
- Personal property coverage for contents.
- Declarations page
- The summary page of your policy listing coverages, limits, deductibles and endorsements.
- Deductible
- The part of a covered loss you pay before the policy pays.
- Depreciation
- A reduction in value for age, wear and condition, used to calculate actual cash value.
- Earth movement exclusion
- A common exclusion for earthquake, landslide, settlement and similar ground movement.
- Earthquake endorsement
- An addition to a policy that provides earthquake coverage, usually with a percentage deductible.
- Endorsement
- A written change to a policy that adds, removes or modifies coverage.
- Estimate
- An itemized list of the work and materials needed to repair a loss, with quantities and prices.
- Glacial outburst flood
- A sudden release of water dammed by or beside a glacier, such as the floods on Juneau's Mendenhall River.
- Holdback
- Recoverable depreciation withheld until repairs are complete.
- Ice dam
- A ridge of ice at the eaves that traps meltwater, which can then leak into the home.
- Ice and water shield
- A self-adhering roof membrane installed in vulnerable areas such as eaves and valleys to resist leaks.
- Line item
- A single entry on an estimate, such as a quantity of drywall or roofing at a unit price.
- Matching
- The question of whether repaired areas must reasonably match undamaged areas, which can expand the scope.
- Mitigation
- Steps taken to prevent further damage, such as tarping, drying, heating or snow removal.
- Named peril
- A cause of loss specifically listed as covered in a policy.
- Ordinance or law coverage
- Coverage for added costs of meeting current building codes when repairing a damaged building.
- Overhead and profit (O&P)
- A general contractor's charges for managing a project, often expressed as percentages.
- Percentage deductible
- A deductible calculated as a percentage of a coverage limit rather than a flat dollar amount.
- Permafrost
- Ground that stays frozen for two or more years. Thaw-related settlement is usually excluded from coverage.
- Proof of loss
- A sworn statement of the amount claimed, which the insurer may request within a set time.
- Public adjuster
- A licensed professional who represents a policyholder in presenting and negotiating a claim.
- Recoverable depreciation
- Depreciation the policy will pay once repairs or replacement are completed.
- Replacement cost value (RCV)
- The cost to repair or replace with new materials of like kind and quality, without deduction for depreciation.
- Scope of loss
- The full description of the damaged areas and items, and the work needed to repair them.
- Snow load
- The weight of accumulated snow and ice on a roof, measured in pounds per square foot.
- Steep charge
- An additional cost for working on steep roofs, typically above a certain pitch.
- Suit limitation clause
- The policy condition limiting how long you have to file a lawsuit against the insurer.
- Supplement
- A request for additional payment for items missed or underpaid in the original estimate.
- Surplus lines
- Insurance written by insurers not licensed in the state, used for risks the standard market does not cover.
- Umpire
- The neutral third member of an appraisal panel who decides items the two appraisers cannot agree on.
- Unorganized Borough
- The large part of Alaska not within an organized borough, divided into census areas for statistics.
- Weight of ice, snow or sleet
- A named peril in many homeowner policies covering damage caused by the weight of accumulated snow and ice.
No terms match that search.