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How to Read an Insurance Policy

Insurance policies are made up of several parts:

Declarations identify:

• • Who is insured
  • What risks are covered (listing of coverage’s included)
  • Policy limits (limits of liability, deductibles purchased)
  • The amount of premium
  • Effective dates of coverage
  • Any other interests in the policy
  • A list of form numbers and endorsements, which are sheets of paper attached to the policy that add to or alter that policy
  • The insurance company

The Insuring Agreements section states:

• • What losses are covered
  • The subject matter of the insurance and description of the property covered
  • The perils insured
  • Circumstances under which the insured may receive the proceeds of the insurance
  • Exclusions that eliminate specific hazards (i.e., what it does not insure). In order for a claim to be valid it must be covered under the insuring agreement and must not be stated as an exclusion.

Statutory Conditions Section:

The Statutory Conditions section of the policy sets out the rights and responsibilities of the insured and the insurer under the policy. Some policies require statutory conditions to be stated. The exceptions are automobile, accident and sickness, and fire insurance policies, which are required by law.

Policy Conditions are requirements the insured must fulfill to obtain coverage:

• • If the insured breaches a condition, the policy may be void or voidable or the insurer may refuse a claim arising out of the breach.
    
  • If the insurer breaches a condition, the insured may be compensated for losses that occurred as a result of the breach. The degree of compensation depends on individual circumstances and the policy wording.

Delsan Group is there to service your FINANCIAL SERVICES needs INCLUDING LIFE & HEALTH AND Commercial & Personal lines insurance.

For more information, contact the Delsan Group.