How to read your policy

How to read your commercial insurance policy

Reading your policy helps you verify that the policy meets your needs. If you have any questions about your policy, contact your Co-operators Advisor or Federated Account Co-ordinator.

 

Insurance policies can be complicated. Here are some important things to consider:

Make Sure that you have the right policy

Before you begin, make sure that have the right policy wording. Contact your Co-operators Advisor or Federated Account Co-ordinator to make sure that it is correct and up to date.

Read The Policy

Every commercial insurance policy will come with some basic parts. They include things like the declaration page, the conditions, the perils or types of damage that you are insured against, exclusions and extensions of coverage.

Declarations

The declarations page will show you who is insured by the commercial policy, what buildings are covered, the limits of insurance and the deductibles, and the dates of coverage. You will also see the insurance company’s full identity, and then the form numbers and endorsements.

Conditions and Insuring Agreements

Insuring Agreement

The insuring agreement is the portion of the insurance policy that describes what types losses or damage are covered. It is in the next sections that the exclusions and definitions are provided. For a claim to be considered, it must be covered under the insuring agreement and not stated as an exclusion.

General Conditions

This section lists the requirements that you must fulfill to maintain coverage.

This is one of the most important parts of the commercial insurance coverage reading. If you breach a condition, the policy may become void or the insurance company may refuse a claim even when it seems valid.

Exclusions

Certain types of property or causes of damage can be excluded from coverage. An exclusion is a provision in your policy that removes coverage.  This section of the policy is where you will read the things that are excluded from the coverage and why they are excluded. Other types of property may be covered by the insurance policy, but only up to a Special Limit.

If you have any questions about what is covered and what might be excluded, please contact your insurance advisor.

Endorsements

Listed seperately, an endorsement will either remove or add conditions to the policy itself. They are amendments or additions to an existing policy which changes the terms or scope of the original policy. Make sure to read it clearly and compare anything here to the rest of the policy.

 

For any other questions you might have or better explanations on how to read and understand your Commercial Insurance policy – Talk to your insurance advisor or Federated Account Coordinator .