Lesson 2
Reading Your Policy
Run any claim through four checks, event, exclusions, conditions and limits, before you count the money.
The schedule and the wording
Kemi’s home insurance schedule says “Contents: £30,000”. It looks like a promise worth £30,000. It isn’t quite.
The schedule is the page written for you: who and what is insured, the address, the dates, the sections you chose, and the limits and excesses. The policy wording is the booklet behind it, which defines each promise: the events covered, the exclusions and the conditions you agree to keep. An endorsement is an amendment printed on your schedule that changes the standard wording for you, such as a higher excess or an extra security requirement.
You need all three together. The schedule says how much; the wording says for what.