If you have ever wondered what an insurance policy document is, it is simply the paperwork that clearly details exactly what your policy covers as well as what the insurer’s terms and conditions are. Policy documents can be lengthy and will have a table of content for reference. The beginning of the document generally has the contact information of the insurer as well as a list of definitions which are referred to throughout the policy document, followed by sections pertaining to the exact coverage included with your policy.
As an example, most home insurance policy documents would include the following:
Section One Premise, Dwelling, and Belongings
- Detailed explanation of what is included and covered under your premises, dwellings, and belongings.
- Full review of what your coverage includes and doesn’t include, whether you have selected an all risk or named perils policy.
- List and explanation of optional coverages such as water protection coverage and sewer back up coverage.
- List and explanation of additional features that your policy includes such as lock replacement coverage, mass evacuation or debris removal.
- Deductible amounts.
- Information on claim settlement process.
Section Two Liability
- Detailed explanation of the personal liability coverage included in your policy.
- The amount of liability protection your policy provides.
- Details regarding bodily injury and property damage claims.
The final section in your insurance policy document will list the statutory conditions. This may include:
- Change of interest
- Material change
- Property of others
- Termination of contract
Certificate of Insurance
An insurance policy document is not to be confused with a certificate of insurance. A certificate of insurance provides specific details regarding the coverage that an individual has such as the type of coverage, the name of the insurance company providing the coverage, who is covered under the policy and the time frame of the coverage period. Certificates of insurance are typically requested by a policyholder when they need to require proof of coverage, for example, if they were applying for a mortgage at a bank.
To find out more about home insurance, contact an experienced member of the Bow Valley Insurance team today for a free, no obligation quote.