Insurance Policy Checklist

​​By understanding how to read insurance documentation, you are better able to manage your policy. Declarations, insuring agreements and policy conditions are found in home, auto and business policies.

Declarations

The declarations in a policy provide basic information including: who is insured; what risks are covered; policy limits of liability and deductibles; the cost of the premium; effective dates of coverage; others who have an interest in the policy; a list of form numbers and endorsements that add to or alter the policy; the name of the insurance company.

Insuring Agreements

For a claim to be valid, it must be covered under the insuring agreement and not stated as an exclusion. This section will include: what losses are covered; the subject matter of the insurance and a description of the property that is covered; the perils insured against (the circumstances under which the insured will receive the proceeds of the insurance); exclusions that eliminate specific uninsured hazards.

Policy Conditions

To maintain coverage, and insured industry or business must fulfil specified requirements such as: if a condition is breached by the insured, the policy may be void or voidable; or, the insurer may refuse a claim arising out of the breach.

Ways to Get Top Value 

For the best possible rate and coverage, make yourself or your organization stand out as the “best in class” by taking an active role in the insurance buying process. Foster a strong relationship with your insurance representative. The more the representative knows about you and/or your business, the better prepared he or she will be to present what’s best for you in the insurance marketplace.

Provide well-organized, complete information. Business owners may be asked to submit information about risk management policies and procedures. Supply additional documentation that describes your business operations and why they’re considered best in class.

Make sure any information that you provide an insurance company accurately reflects your needs, the requested coverage and/or your organization and its operations.

Source: Insurance Bureau of Canada

Blenheim Office

24 Marlborough St. N., Box 479
Blenheim, ON N0P1A0

Phone: 519-676-8159
Fax: 519-676-0020

Chatham Office

250 St. Clair St.
Chatham, ON N7L 3J9

Phone: 519-352-4343
Toll Free: 1-800-561-4949
Fax: 519-352-6484

Essex Office

29 Talbot St. N, Box 69
Essex, ON N8M 2Y1

Phone: 519-776-6457
Fax: 519-776-7400

Harrow Office

65 King St. W., Box 790
Harrow, ON N0R 1G0

Phone: 519-738-2277
Fax: 519-738-2279

Tilbury Office

59 Mill St. E, Box 1239
Tilbury, ON N0P 2L0

Phone: 519-682-0202
Fax: 519-682-2391

Wallaceburg Office

403 Wellington St.
Wallaceburg, ON N8A 2Y2

Phone: 519-627-1777