An amendment or addition to an existing insurance policy that changes its terms or coverage. Also called a rider, endorsements can add, remove, or modify coverage. Common examples include adding flood coverage to a homeowners policy or scheduling expensive jewelry.
Related Terms
Declarations Page
The section of an insurance policy that summarizes key information including the policyholder name, covered property, coverage amounts, deductibles, premium, and policy period. Often called the "dec page," it is the first page of your policy and serves as a quick reference.
Exclusion
A specific condition, situation, or circumstance that is not covered by an insurance policy. Common exclusions include flood damage on standard homeowners policies and intentional acts. Understanding your policy exclusions is critical to avoiding gaps in coverage.
Covered Peril
A specific risk or cause of loss that is included in an insurance policy. Fire, theft, windstorm, and hail are common covered perils in homeowners insurance. If a loss is caused by a peril not listed, the claim may be denied unless you have an open peril policy.