Policy Checklist By understanding how to read insurance documentation, you are better able to manage your policy. Declarations, insuring agreements and policy conditions are found in home, auto and business policies. DeclarationsThe declarations provide basic information, including:Who is insuredWhat risks are coveredPolicy limits – limits of liability and deductiblesThe cost of the premiumEffective dates of coverageOthers who have an interest in the policyA list of form numbers and endorsements which add to or alter the policyThe name of the insurance company.Insuring AgreementsFor a claim to be valid, it must be covered under the insuring agreement and not stated as an exclusion. This section includes:What losses are coveredThe subject matter of the insurance and a description of the property that is coveredThe perils insured against – these are circumstances under which the insured may receive the proceeds of the insuranceExclusions that eliminate specific uninsured hazards.Policy ConditionsTo maintain coverage, the insured individual or business must fulfil specified requirements, such as:If a condition is breached by the insured, the policy may be void or voidable. Or, the insurer may refuse a claim arising out of the breach.3 Ways to Get Top Value For the best possible rate and coverage, make yourself or your organization stand out as the “best in class” by taking an active role in the insurance buying process.Foster a strong relationship with your insurance representative. The more the representative knows about you and/or your business, the better prepared he or she will be to present what’s best for you in the insurance marketplace.Provide well-organized, complete information.Business owners may be asked to submit information about risk management policies and procedures. Supply additional documentation that describes your business operations and why they’re considered best in class.Make sure any information that you provide an insurance company accurately reflects your needs, the requested coverage and/or your organization and its operations. Related ServicesBuying TipsInsurance is a significant investment. Before you purchase coverage, getting answers to key questions can help you make informed decisions. How to Buy InsuranceWhen driving a car, buying a home or establishing a business, insurance can give you peace of mind. Learn about the purchasing options available in your province. Useful LinksAuto InsuranceRequired by law across Canada, auto insurance covers the owner/driver, passengers, pedestrians and property affected by a vehicle collision.Buying Home InsuranceAs a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.Business Insurance CoverageInsurance protects you from losses that may pose a significant threat to your business operations. A major loss to one organization may be a trivial loss to another. When selecting coverage, deductibles and policy limits, there are many factors to consider.