Insurance Policies From Insurance By Steve

Insurance Policies

Any insurance policy is composed of two sections. The first section is the DECLARATIONS pages. This lists the details you have provided to the insurance company about yourself and the vehicle, home or boat you want to insure. The second section describes the policy details. This includes the insurance cover provided, the lists of exclusions, endorsements and definitions.

Listed below are a few examples of insurance policy wording. It is absolutely certain that the wording, benefits and exclusions in any two policies are never the same. I suggest one day, when you are really bored, you compare your current and new home or auto insurance policies and play a game of spot the difference between the two.

This is a good example of an auto insurance policy. It shows how the policy is broken down into cover for liability coverage, accident benefits coverage, uninsured collision cover, property damage, vehicle loss and damage. It explains the statutory car insurance required by law.

This is a similar UK car insurance policy. It includes an FAQ and what you should do in particular circumstances such as how to settle third party claims, what procedure to take in case of an motoring accident, what to do if your car is stolen, breaks down or even if your car keys are lost or stolen.

Here we have a public liability insurance policy for professionals carrying out their business. It is broken down into policy definitions, policy exclusions and then conditions covered by the policy.

This yacht insurance policy clearly shows the declaration page where you have to provide details of your vessel including a full description of the boat, it's use at sea and the amount of insurance cover being requested.

Transit insurance provides cover for you home furnishings and possessions when you are moving home. This policy document gives a god breakdown of the type of "perils" that can occur when our possessions are in transit on the road. Of course most of us just load our furniture onto the back of a truck and take our chances. But this type of insurance makes sense to me if your furniture is new or expensive.

This is the type of policy declaration required by boat dealers and marina operators. The cover is for a number of vessels and a wide range of activities from loading boat fuel to lifting boats out of the water. As a result there are 7 pages of declarations to be filled out. Much more than we would expect to fill in on a policy form just for our own boat.

This travel insurance policy shows a very concise table of the events that are covered highlighting maximum limits that would be paid out in the case of a claim.

This is a UK travel insurance policy showing that deep sea fishing is classified as an excluded activity. Not great news for anyone considering sea angling whilst on holiday. Roller skating is also excluded as is hot air ballooning. It makes you wonder how tourists are to have any fun other than lying on a beach or drinking in a bar? Other than that it is gives comprehensive details of what is and is not covered by typical travel insurance.

This UK home insurance policy is specifically designed to cover holiday homes and second home properties. This type of cover has to be different to normal home insurance because the properties are usually left empty for long periods or occupied by others on holiday when let out for that purpose. They break down the liabilities covered into each country such as France, Spain and Portugal. There is also a section about damage caused by earthquakes which is more likely in the Mediterranean than back home in the UK.

This is typical US home insurance policy that splits the cover between building insurance and home contents insurance. It shows the 13 (unlucky for some) events covered by a comprehensive home insurance policy, cover for personal possessions and public liability claims.

In comparison this is an Australia home insurance policy that, if anything, is more detailed in explaining the insured events and exclusions. It includes personal injury cover with a payment of $250 for a broken leg, $1,000 for a skull fracture and varying amounts for a whole range of different injuries. This is probably the most detailed insurance policy document I have yet come across.

This next example is a UK tenants insurance policy to cover any damage and liabilities caused by tenants in a buy to let property. It shows what is covered in terms of personal belongings, damage to the property and personal liability.

Now for a medical insurance policy. This policy pretty much covers every medical cost you could possibly think of including the fees charged by a medical practitioner, hospital stay charges, nursing home charges, drugs, psychiatric therapy, pregnancy and a whole lot more. It also defines the costs associated for parents accommodation when their children are sick and travel expenses for a member of the family.

I found this rather unusual policy for athletes and sporting events in Australia. Just about any type of event, whether it be a sporting event or not, requires some form of liability insurance to cover injuries and tragedies.

Finally here is a global health insurance policy for everyone except US residents. This sort of policy is to cover Americans who want to visit or retire to another part of the world where their existing health insurance plan does not extend. It includes surgery, hospitalization, transplants, outpatient and emergency treatment.

I have just skimmed the surface with these examples. There is almost endless variety in the number of insurance policies that can be taken out. This is why when buying insurance you match up your requirements very closely to the benefits being offered by each plan.