THE POLICYTRACK GUIDES
How to Read an Insurance Policy Schedule
Find dates, premiums, excesses, limits and exclusions in your insurance schedule and wording. Know which details to check with your insurer.
By PolicyTrack · General information, not personalised insurance advice.
Your schedule and wording work together
The schedule usually sets out your chosen cover and personal details. The wording describes definitions, conditions and exclusions. Endorsements can amend these terms. Read the documents together rather than relying on a single summary or assuming a familiar term has its everyday meaning.
Check who and what is insured
Review names, addresses, registrations and descriptions. Check whether the policy covers the way an item is used, and whether a person must meet particular conditions. A person mentioned on a document is not necessarily covered for every section. Tell your insurer if details are incorrect or circumstances have changed.
Understand premiums, excesses and limits
The premium is what you pay for the policy. An excess is an amount you may have to pay towards a claim, subject to the wording. A limit caps what can be paid for a type of loss. There can be different excesses and limits for different sections, so look beyond the headline cover amount.
Read exclusions and conditions in context
Exclusions describe circumstances outside cover. Conditions may require security measures, evidence, disclosures or action within a stated period. Check definitions and cross-references. If you cannot tell how a clause applies, ask the insurer a specific question and retain its answer.
Use summaries as a starting point
A wallet or AI summary can help locate useful details, but it may omit an exception or misread a number. Compare it with the original documents before relying on it. Only the insurer can handle a claim under your contract; saving or editing a summary does not change those terms.
What is the difference between a premium and an excess?
The premium is the price of the policy. An excess is an amount you may contribute to a claim under the policy terms.
Does a policy summary include every exclusion?
Not necessarily. Read the full wording, schedule and endorsements, and ask the insurer about anything unclear.