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Everybody needs insurance, so it’s important to understand it.
WHAT IS INSURANCE?
HOW DOES INSURANCE WORK?
WHY HAVE INSURANCE?
WHAT KINDS OF INSURANCE ARE AVAILABLE?
WANT TO KNOW MORE ABOUT OUR HISTORY?
WHY IS IT IMPORTANT TO UNDERSTAND YOUR INSURANCE POLICY?
1. Declarations (also called a Dec Sheet) This is the introduction to your policy and includes your name, the name of the insurance company, description of coverage and coverage limits, premium, policy term, and addresses.
2. Insuring Agreements This describes more specifically what is covered or insured. It provides details on the perils (or risks) that you are insuring against such as fire, water damage, theft, etc. It also tells you under what circumstances you are eligible for a claim.
3. Exclusions Simply put, exclusions tell you what is not covered in your policy. For example, property such as cash may not be included in your property insurance, or your business may not be protected against certain risks such as terrorism.
4. Statutory Conditions Certain insurance contracts may also require these conditions. Examples of such conditions may be:
- Material Change - If you are aware of changes that could increase or decrease the risk to your contract, you are responsible for reporting this change to the insurance company.
- Termination - You have the right to cancel your policy. The Termination section outlines the terms and conditions of a cancellation.
This information is for general information purposes and isn’t a complete description of your specific insurance contract. The terms and conditions of your actual policy govern.
WHAT IS AN INSURANCE ENDORSEMENT?
WHAT ARE SOME OF THE LAWS AROUND YOUR INSURANCE CONTRACT?
WHAT HAPPENS IF I…?
Some actions may seem harmless, but they could void your policy, get it cancelled, or mean your claim is denied. Worse, there could be legal consequences. Some examples are:
- Falsely describing your property or its use
- Omitting an important fact or circumstance when applying for, changing, renewing your policy
- Making a fraudulent statement during an insurance claim
Want to know more? Check out our glossary of insurance terms, and insurance FAQs.