Do you want to make sure the breaker insurance your insurer has proposed is complete? Following are the sections that must be present once you are given a copy of your policy proposal and be sure you review it thoroughly.
Section I – Insurance Policy Declaration
This section contains the details of the policyholder of the breaker insurance and may include these personal details:
Complete name of the policyholder
Date when the policy was acquired as well as the expiration period
Others (limitations and extent of protection coverage given on the unit/equipment)
Section II – Terms and Definitions
Another vital section of the breaker insurance policy is a compilation of terms together with their definitions. You can find words, phrases and other terminologies used by the insurer like “deductible”, “exclusions” and other words only found on your breaker insurance policy.
Section III – Insurance Policy Coverage
Among the other sections vital for your breaker insurance is the coverage section where the extent of protection coverage is discussed. Here, the insurer clearly defines the different levels of protection a policyholder is entitled to in the event of unforeseen incident. This section may also include the liability coverage, property damage and personal harm or injury coverage.
Section IV – Exclusions
This is also a vital section of your breaker insurance policy, the exclusions coverage. This is where the limitations are specified as well as the incidents that your insurer will not honour as part of your insurance claim.
Section V – Others
In the event your breaker insurance is customised, this section may cover the limits and/or other special levels of protection coverage.
Section VI – Rules and regulations
This section is purely intended to explain all the rules and regulations that the insurer may apply or implement on your breaker insurance policy. It may also include the terms that you as a policyholder will have to comply with.
Section VII – Endorsement
The last section of your breaker insurance policy is the endorsement; this is where you will find add-on protection coverage including definitions. It may also contain whatever agreement is discussed if the policyholder decides to amend the policy protection coverage.
Additional tips and warnings:
Don’t simply approve the final copy of your breaker insurance policy if there are still revisions needed.
Inform your insurer if there are errors committed on your policy.
In the event you need to revise your proposed insurance policy, notify the insurer about your intentions so that they will print the final copy.
Be sure everything discussed during the private meeting are included in your breaker insurance policy.
If some sections of the policy are missing, don’t hesitate to ask the insurer.
Find a licensed insurance broker to help you when buying a breaker insurance policy.
I hope you are now well informed about the exact content of your breaker insurance policy. When you receive the final copy of your policy, be sure to check for any irregularities or errors with the figures or computation of your insurance cost. Remember, this is your official copy and you need to make sure it adheres to the general requirement of what an authenticated breaker insurance policy must contain.
Earthmoving Insurance HQ are a friendly team of insurance brokers who can provide you with quotes and place cover for the best insurance policies to suit your needs. Call our friendly team on 1300 815 344 or go online and request a quote.