- What risks are covered – a list of coverages purchased
- Policy limits – limits of insurance, and deductibles purchased
- The amount of premium due
- Others who have an interest in the policy (e.g., mortgage holders, lenders)
- A list of form numbers and endorsements that add to or alter the policy
| - What losses are covered
- The subject matter of the insurance and description of the property covered
- The perils insured against – circumstances when the insured may receive the proceeds of the insurance
- For a claim to be valid, it must be covered under the insuring agreement and not stated as an exclusion
| Requirements the insured must fulfill to maintain coverage: - If the insured breaches a condition, the policy can become void or the insurer may refuse a claim arising out of the breach
- Statutory conditions that the insured or insurer must comply with
- Understand how the law affects your policy
| Certain property and perils are excluded from coverage. Other insured property may be insured up to a Special Limit. Understand these exclusions and limits to avoid disappointment after a loss. |