Managing your Policy

How to Read Your Policy

Although insurance policies issued by different insurance companies may look different, they usually include policy declarations pages and policy wordings.

Policy Declarations Pages

The declarations, or “dec” pages, are usually the first pages of the policy and they provide some basic information including:

DECLARATIONS PAGES CHECKLIST

 policy number,

 name and address of your organization (the insured),

 broker or agent name and address,

 coverage details that are specific to your organization (both types of insurance and dollar amounts),

 policy premium (in dollars), and

 policy period (when it begins and ends).

Policy Wordings: Details about What is Covered

Policy wordings detail what is included under the coverage and define terms that are used in the policy. For example, policy wordings may define how data or explosion is defined under the policy.

POLICY REVIEW CHECKLIST

 Review the declaration page carefully and ensure all the details, including the types and amounts of coverage, are correct.

 Ensure your organization’s name and address are correct.

 Make sure the addresses of any insured properties are correct.

 Verify the effective dates of the policy and make a note of the renewal date

 Read the conditions and exclusions carefully.

 If any words are unclear, ask for them to be defined in the policy.

 If you have any questions, talk to your broker or agent.