What Is Insured? Personal Lines Liability
WHAT IS INSURED ON MY POLICY? – Personal Lines Insurance Part 2
Last week we took a brief look at what is insured on a personal lines insurance policy based on the premium summary page of your policy schedule. To follow on we are going to breakdown a few examples of the different sections of the policy schedule to show how the information is represented.
Under this section you will see is the breakdown for the Household Contents.
The risk address is the physical address for the property where your contents are kept. It is extremely important to make sure this address is correct to prevent any restrictions in the cover.
The wall and roof that are referenced here are the construction of the property and how it is built.
Next you have the cover detail, this is showing you there is comprehensive cover in place on this policy schedule, this means that you have cover on the item for a number of insured perils from fire, theft, accidents, and other insured events. If a policy states, only third-party cover, or fire cover then this cover is restricted to that specific insured peril.
The residence type reflects what type of home you are in, for this example it is a cottage however it may be a townhouse or a stand alone home. Again, it is important to make sure this detail is correct.
The Sasria cover included, is just advising that this cover has been included in the policy.
The sum insured shows that the cover in place here is for R 150 000.00 for a premium amount of
R 125.00. The risk premium here is where the individual amounts would be reflected and the amount due is what the total amount of premium payable is.
Under the declarations of the insured, this shows the information that was presented to the insurance company about the property for example the client here has burglar bars, security gates and an alarm that is linked to armed response.
Here is the breakdown of the items insured under the All-risk section. It is broken down per item with a description of what it is for example cell phone Apple iPhone 7.
The sum insured here for R 7000.00 refers to the amount that the item is insured for and the amount that the cover will be limited to.
The premium payable here is an amount of R 99.19 and that is reflected under the risk premium and the amount due.
Next week we will look at a few more of the different sections represented on the policy schedule.