Insurance policies are normally going to have a declarations page. This page will identify the insured, the policy limits, and times of coverage. The declarations page is to show the insured what the insurance policy covers.
In determining the coverage provided by an insurance policy, always review the declarations page. The declarations page will list the various forms and endorsements that make up the policy. There are situations where the insurance company attaches the wrong forms to the policy. That is why it is important to compare what is on the declarations page to what is actually attached to the policy.
The declarations page should include the following information:
1) the named insured
2) the policy period
3) the designation of coverages
4) the policy limits and deductibles
5) forms and endorsements
The “named insured” refers to the individual or entity that is expressly identified by proper name to be insured by the policy. The name and address of the named insured are usually specified on this page.
The declarations page, or an endorsement, can also be used to identify any additional insureds to a policy. Additional insureds are usually added to a policy at the request of the named insured. As an example, a parent corporation may wish to add its subsidiary to its property policy in order to protect the property of the subsidiary in the custody or control of the parent company from an accidental loss.
The policy period is normally the inception date and the expiration date. These dates and the type of policy are important when it comes to policies that cover a specific period or claims that are made during that specific period.
Pre-printed forms usually contain several distinct coverages. You will see this move often on auto policies. The insured may choose to purchase one or more of the listed coverages.
The declarations page usually states the limits of liability or policy limits provided by the policy.
The insurance company may issue certificates of insurance to persons insured under the policy in addition to the policyholder. This is seen normally in group health policies issued to the employees of the employer.