Schedule Of Insurance - Checklist For Accuracy

It is important for the Schedule of Insurance to be complete, accurate and consistent with the Policy Wording.

Following is a checklist to assist you to avoid some of the common errors.

• Ensure the name of the Policyholder reflects all interests/companies that are intended to be covered.
• Ensure all assets and income flows associated with these interests are declared.
• Ensure the Schedule contains a Limit of Liability, Declared Value on Material Damage and Business Interruption as required.
• In relation to the Business Interruption risk, ensure the Schedule contains an appropriate indemnity period, adequate Declared Value for Gross Profit, Payroll, a sufficient sub-limit for Additional Increase in Cost of Working and Claim Preparation Costs as required.
• Ensure the Schedule contains a list of Uninsured Working Expenses.
• If payroll is separately covered, make sure the Schedule includes an Initial Period, Remainder Percentage and Period of Consolidation.
• Make sure that the Schedule contains any appropriate sub-limits for policy extensions such as cover for Public Utilities and Customers/Suppliers.

An accurate Schedule is essential to avoid unnecessary debate when presenting claims.

Author

Published with permission of Claim Solutions Pty Ltd.

Insurance Policy

Policy Description: - Mark IV Industrial Special Risks and many Fire policies.

Insurer: - Various.

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