Frequently Asked Questions

There is no universal insurance policy – it will vary from client to client, and insurer to insurer, and therefore it is very important to know what the contents of you insurance policy contains. Usually, the policy will contain:

• A promise by the insurer to pay money, as prescribed, to the insured on the occurrence of a specified event or state of affairs;
• A set of exclusions, which will limit the broad scope of the general promise, providing circumstances when the cover will not apply;
• Conditions, prescribing the rights and obligations of the parties in the performance of the contract (these conditions may affect the right of the insured to be paid in respect of a claim or to rely on the contract at all;
• Endorsements that extend or reduce the scope of the cover, or alter the conditions provided in the standard version; and
• A schedule, containing the variable details of the policy (including the name of the insured, the period and extent of cover, identification of any property, person or location relevant to the cover, and the amount of any deductibles).