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EXHIBIT 10(Z)

                            INDEMNIFICATION AGREEMENT

         This Indemnification Agreement (the "Agreement"), made as of December
16, 2000, by and between FPIC INSURANCE GROUP, INC., a Florida corporation (the
"Company"), and ROBERTA G. COWN, a director and/or officer of the Company (the
"Indemnitee").

                          W I T N E S S E T H   T H A T:

         WHEREAS, the Company desires to retain and attract as directors and
officers the most capable persons available; and

         WHEREAS, the Company and Indemnitee recognize that Indemnitee is unable
to acquire adequate or reliable advance knowledge or guidance with respect to
the legal risks and potential civil liabilities to which she may become
personally exposed as a result of performing her duties in good faith for the
Company; and

         WHEREAS, the Company and Indemnitee recognize that the cost of
defending against such lawsuits, whether or not meritorious, is typically beyond
the financial resources of most individuals; and

         WHEREAS, the Articles of Incorporation and Bylaws of the Company permit
the Company to indemnify its officers and directors to the fullest extent
permitted by law; and

         WHEREAS, Section 607.0850 of the Florida Statutes sets forth certain
provisions relating to the indemnification of officers and directors of a
Florida corporation by such corporation; and

         WHEREAS, the Company desires to have Indemnitee continue to serve as an
officer and/or director of the Company free from any undue concern, from
unpredictable, inappropriate or unreasonable civil risks and personal civil
liabilities, by reason of acting in good faith in the performance of her duties
to the Company and Indemnitee desires to continue to serve as an officer and/or
director of the Company; provided, on the express condition, that she is
furnished with the indemnity set forth herein;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
below and based on the premises set forth above, the Company and Indemnitee do
hereby agree as follows:

         1.       DEFINITIONS.  As used in the Agreement:

         (a) The term "Proceeding" shall include any threatened, pending or
         completed action, suit or proceeding, whether brought in the name of
         the Company or otherwise and whether of civil, administrative or
         investigative nature, including, but not limited to, actions, suits, or
         proceedings brought under and/or predicated upon the Securities Act of
         1933, as amended, and/or the Securities Exchange Act of 1934, as
         amended, and/or their respective state counterparts and/or any rule or
         regulation promulgated thereunder, in which Indemnitee may be or may
         have been involved as a party or otherwise, by reason of any action
         taken by her or any inaction on her part while acting as such director
         and/or officer or by reason of the fact that she is or was serving at
         the request of the Company as a director, officer, employee or agent of
         another corporation, partnership, joint venture, trust or other
         enterprise, whether or not she is serving in such capacity at the time
         any liability or expense is incurred for which indemnification or
         reimbursement can be provided under this Agreement. The term
         "Proceeding" shall not include any criminal action or proceeding.

         (b) The term "Expenses" includes, without limitation thereto, expenses
         of investigations, judicial or administrative proceedings or appeals,
         amounts paid in settlement by or on behalf of Indemnitee, attorneys'
         fees and disbursements and any expenses of establishing a right to

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         indemnification under Paragraph 7 of this Agreement, but shall not
         include the amount of judgments, fines or penalties actually levied
         against Indemnitee and shall not include any Expenses incurred in
         connection with any criminal Proceeding.

         (c) References to "other enterprise" shall include employee benefit
         plans; references to "fines" shall include an excise tax assessed with
         respect to any employee benefit plan; references to "serving at the
         request of the Company" shall include any service as a director,
         officer, employee or agent of the Company which imposes duties on, or
         involves services by, such director, officer, employee, or agent with
         respect to an employee benefit plan, its participants, or
         beneficiaries; references to "employee benefit plans" shall include,
         and not be limited to, stock option plans, stock award plans, stock
         purchase plans, 401(k) plans, pension plans, health and welfare plans,
         and retirement plans; and a person who acts in good faith and in a
         manner she reasonably believes to be in the interest of the
         participants and beneficiaries of an employee benefit plan shall be
         deemed to have acted in a manner "not opposed to the best interests of
         the Company" as referred to in this Agreement.

         2. AGREEMENT TO SERVE. Indemnitee agrees to serve or continue to serve
as a director and/or officer of the Company at the will of the Company or under
separate contract, as the case may be, for so long as she is duly elected or
appointed or until such time as she tenders her resignation in writing.

         3. INDEMNITY IN THIRD PARTY PROCEEDINGS. The Company shall indemnify
Indemnitee in accordance with the provisions of this section if Indemnitee is a
party to or threatened to be made a party to or otherwise involved in any
Proceeding (other than a Proceeding by or in the name of the Company to procure
a judgment in its favor), by reason of the fact that Indemnitee is or was a
director and/or officer of the Company or is or was serving at the request of
the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against all Expenses,
judgments, fines and penalties, actually and reasonably incurred by Indemnitee
in connection with the defense or settlement of such Proceeding, provided it is
determined pursuant to Paragraph 7 of this Agreement or by the court before
which such action was brought, that Indemnitee acted in good faith and in a
manner which she reasonably believed to be in good faith and in a manner she
believed to be in or not opposed to the best interests of the Company.

         4. INDEMNITY IN PROCEEDINGS BY OR IN THE NAME OF THE COMPANY. The
Company shall indemnify Indemnitee in accordance with the provisions of this
section if Indemnitee is a party to or threatened to be made a party to or
otherwise involved in any Proceeding by or in the name of the Company to procure
a judgment in its favor by reason of the fact that Indemnitee was or is a
director and/or officer of the Company or is or was serving at the request of
the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against all Expenses
actually and reasonably incurred by Indemnitee in connection with the defense or
settlement of such Proceeding, but only if she acted in good faith and in a
manner which she reasonably believed to be in or not opposed to the best
interests of the Company, except that no indemnification for Expenses shall be
made under this Paragraph 4 in respect of any claim, issue or matter as to which
Indemnitee shall have been adjudged to be liable to the Company, unless and only
to the extent that any court in which such Proceeding is brought shall determine
upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnity for such expenses as such court shall deem proper.

         5. INDEMNIFICATION OF EXPENSES OF SUCCESSFUL PARTY. Notwithstanding any
other provisions of this Agreement, to the extent that Indemnitee has been
successful on the merits or otherwise, in defense of any Proceeding or in
defense of any claim, issue or matter therein, including the dismissal of an
action without prejudice, Indemnitee shall be indemnified against all Expenses
incurred in connection therewith.

         6. ADVANCES OF EXPENSES. The Expenses incurred by Indemnitee pursuant
to Paragraphs 3 and 4 in any Proceeding shall be paid by the Company in advance
at the written request of Indemnitee, if

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Indemnitee shall undertake to repay such amount to the extent that it is
ultimately determined that Indemnitee is not entitled to indemnification.

         7. RIGHT OF INDEMNITEE TO INDEMNIFICATION UPON APPLICATION; PROCEDURE
UPON APPLICATION. Any indemnification or advance under Paragraphs 3, 4, and/or 6
hereof shall be made no later than 45 days after receipt of the written request
of Indemnitee, unless a determination is made within such 45 day period by (a)
the Board of Directors of the Company by a majority vote of a quorum thereof
consisting of directors who were not parties to such Proceedings, or (b)
independent legal counsel in a written opinion (which counsel shall be appointed
if such a quorum is not obtainable), that Indemnitee has not met the relevant
standards for indemnification set forth in Paragraphs 3 and 4.

         The right to indemnification or advances as provided by this Agreement
shall be enforceable by Indemnitee in any court of competent jurisdiction. The
burden of proving that indemnification or advances are not appropriate shall be
on the Company. Neither the failure of the Company (including its Board of
Directors or independent legal counsel) to have made a determination prior to
the commencement of such action that indemnification or advances are proper in
the circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Company (including its Board of Directors or
independent legal counsel) that Indemnitee has met such applicable standard of
conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct. Indemnitee's Expenses
incurred in connection with successfully establishing her right to
indemnification or advances, in whole or in part, in any such Proceeding shall
also be indemnified by the Company.

         8. INDEMNIFICATION HEREUNDER NOT EXCLUSIVE. The indemnification
provided by this Agreement shall not be deemed exclusive of any other rights to
which Indemnitee may be entitled under the Company's Articles of Incorporation,
Bylaws, or another capacity while holding such office. The indemnification under
this Agreement shall continue as to Indemnitee even though she may have ceased
to be a director and/or officer of the Company and shall inure to the benefit of
the heirs and personal representatives of Indemnitee.

         9. PARTIAL INDEMNIFICATION. If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of the Expenses, judgments, fines or penalties actually and reasonably
incurred by her in the investigation, defense, appeal or settlement of any
Proceeding but not, however, for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such Expenses, judgments,
fines or penalties to which Indemnitee is entitled.

         10. PRESUMPTION OF INDEMNIFICATION. For purposes of this Agreement,
determination of any Proceeding, suit or proceeding by any means shall not
create a presumption that Indemnitee did not meet any particular standard of
conduct; act in the best interests of the Company; have any particular belief;
or that a court has determined that indemnification is not permitted by
applicable law.

         11. LIABILITY INSURANCE. To the extent that Company maintains an
insurance policy or policies providing directors' and officers' liability
insurance, Indemnitee shall be covered by such policy or policies, in accordance
with its or their terms, to the maximum extent of the coverage available for any
director and/or officer of the Company.



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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the date first above written.

                                   FPIC INSURANCE GROUP, INC.
                                   By
                                       ----------------------------------------
                                       John R. Byers, President and Chief
                                       Executive Officer

                                   INDEMNITEE:

                                   By
                                       ----------------------------------------
                                       Roberta G. Cown