COMPONENTS
OF A LIBILITY INSURANCE POLICY
“
DICE”
Declarations
Page
The Declarations Page of an insurance
policy is the cover sheet that lists the name of the insurance
company and the insured who is taking out the policy. It also
list the type of policy, the policy limits of liability, along
with any deductibles, and the premium charged for the coverage.
The Declarations Page is a broad overview of the policy.
Insuring
Agreements
The Insuring Agreements state
who the insurance company considers to be insured under the policy.
Conditions
The Conditions portion of a policy
states the conditions under which the insurance company will defend,
and/or pay on behalf of a claim submitted by an insured.
Exclusions
The Exclusions section will list
all the circumstances which coverage is not afforded by the policy.
Some exclusions are standard on most contracts while others are
specific to the insured. Make sure you are aware of what coverage
is excluded under your policy.
Please Note:
Occasionally endorsements are added to a policy to either add
coverage features or to increase or change existing coverage under
the policy. In certain cases coverage is excluded on the policy
under the exclusions section and then endorsed onto the policy
to allow for coverage in the endorsements. It is always a good
idea to read your policy thoroughly before determining whether
or not you are covered.
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