Schedule

16th August 2010

 

Schedule

The schedule to the policy contains the features that are specific to your insurance. It is not uncommon for errors to be made in the schedule of a policy and they can lead to disputes over coverage at the time of a claim.

The example shown below demonstrates some of the errors typically found in a Schedule.

Can you spot them? Answers in Appendix 1

  1. Policy number: 867SY391
    Insured: Smith and Smth Insurance Brokers Ltd.
  2. 2.Address: 38 High Street, Ellstead, Leicestershire LE3 7HR
  3. Premium: £3,8565.00 +IPT £192.80 = £4048.80
  4. Period of Insurance: From 31st November 2007 to 31st November 2008 (both dates inclusive) 
  5. Limit of Indemnity: £2,000,00 each and every one claim and in all including costs and expenses 
  6. Excess: £25,000 each and every claim including costs and expenses 
  7. Business Activity: General Insurance 
  8. Territorial Limits: Worldwide Excluding Europe USA and Canada 
  9. Jurisdiction Limits: UK Courts only
  10. Special Conditions: 
    Excluding liability for work carried out by Smith and Smythe 
    Excluding liability as Agent of Insurer
    Warranted Insured supervises all FSA activity 
  11. Proposal dated: 20 th September 2006

“Top Tip”

IT IS ESSENTIAL TO CAREFULLY CHECK THE SCHEDULE FOR ACCURACY AND TO MATCH YOUR EXPECTATIONS WITH YOUR NEEDS.