How To Read A Policy – Where Are My Details?

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How To Read A Policy – Where Are My Details?

When looking at a policy schedule or a contract of Insurance this can be daunting as
it is a lot of information thrown at you in one document and it can depend on
the number of pages that make up this contract/policy schedule.

First step as the owner of the policy in terms of what is your part to play, is to always
ensure that your details presented on the insurance policy schedule are
correct. Now you may ask there are so many details where do I check this? Below
is a basic idea of how the insurance policy may be laid out and where to look.

Under the details the insured, this would be where you look to establish who is the actual party that is the owner of the policy. If it is, you as the individual it will have your name and surname in full represented here. If it is the name of a trust or a different entity you would see that name here. If it a body corporate/homeowners association/office park/business park, you would see that name represented here. It is prudent to ensure the spelling and details that are placed here are correct.

This would be your postal address or the postal address for the complex/business. It may be your managing agent or representatives address is they are assisting on your behalf as they would then receive any hard-copy written communication.

This is what type of payment arrangement has been made so it is important that you are aware if the premium is a monthly/bi-annual or annual to ensure it is always paid up to date. Your broker will be able to assist you with this if you are unsure however it is always represented on the insurance document.

This would be your details or the representatives’ details working on behalf of the owner of the policy.

This is an important date to note, to ensure that your policy is active and in place.

The physical address of the property that the insurance policy relates to is at most times on the page of the policy schedule that starts to show the insurance cover in place. For example, it may look like:

Option 1:

Option 2:

Option 3:

It is very important to note that a claim or the cover of the policy can be prejudiced of affected in a negative way if the information for you as the client is incorrect, so please make sure your insurance policy schedule represents your information correctly.