§ 38.2-2104. Standard insuring agreement for fire insurance policies.A. Each policy shall provide space for listing amounts of insurance, rates, and premiums for the coverages provided in the policy and endorsements attached to the policy, and shall show the location of the agency and the name and location of the insurer issuing the policy. Except as provided in § 38.2-2107, each policy shall contain the following insuring agreement: Show
In consideration of the provisions and stipulations herein or added hereto and of the premium above specified, this Company for the term of ____________________ At 12:01 A.M. __________ At 12:01 A.M. __________ from __________ (Standard Time) to __________ (Standard Time) at location of property involved, to an amount not exceeding the Assignment of this policy shall not be valid except with the written consent of this Company. This policy is made and accepted subject to the foregoing provisions and stipulations and those hereinafter stated, which are hereby made a part of this policy, together with such other provisions, stipulations and agreements as may be added hereto, as provided in this policy. B. No change shall be made in the sequence of the words and paragraphs of the insuring agreement except that additional matter relating to the coverage provided under the policy and supplemental contracts or extended coverage endorsements may be inserted following any paragraph. The additional matter shall not be inconsistent or in conflict with the standard provisions for policies set out in this chapter, and shall conform with other applicable laws relating to the regulation of fire insurance. C. For the purpose of more accurate identification of the subject matter or more accurate reference to other provisions, substitutions may be made in the standard insuring agreement for the words "above specified," "hereinafter," or other similar terms; but no substitution shall be made if the purpose and intent of the contract is changed by the substitution. Code 1950, §§ 38-186, 38-190; 1950, pp. 994, 995; 1952, c. 317, §§ 38.1-365, 38.1-367; 1986, c. 562. Most people would rather go to the dentist than try to read an insurance policy. Like most things that seem intimidating at first, though, when you break it down, it makes a lot more sense. We’ll tell you how to understand an insurance policy. There are four basic parts of an insurance policy:
Declarations: The declarations introduce your coverage. They identify the insurer, the insured, and policy number. They also identify the properties or risks the policy covers, and for how long (the policy period). They outline the financial considerations of the contract, including premiums you will pay, limits and deductibles. Here are some of the things you can find out about your coverage in the Declarations section. Check and make sure they are accurate:
Insuring agreement: This section summarizes the insurer’s agreement to pay covered claims. If you’re wondering which part of your property insurance policy will describe the perils, you’ve found the right place. For a property policy, the insuring agreement will state the property covered and types of perils, or causes of loss, the policy covers. In a liability policy, the insuring agreement describes the types of activities covered. For a commercial general liability policy, the insurer agrees to any money the insured is legally obligated to pay for bodily injury or property damage claims covered by the policy. The insurer also agrees to provide the insured’s legal defense for liability claims that might be covered by the policy.
Exclusions: Exclusions limit your coverage by stating the types of activities or losses the policy will not cover.
Conditions: The conditions describe the obligations of each party to the contract. Conditions can appear in the basic policy, the standard form and (if you have them) in your policy endorsements. Conditions include the policy’s cancellation provision. They also describe how the insurer will proceed if other coverage applies to a loss, and reserve the insurer’s right to subrogate a claim, or seek recovery from another party after it has paid a claim on your behalf. The conditions also outline your obligations to the insurer. They spell out when and how you must notify the insurer of an accident or claim that might be covered by a liability policy, your obligation to protect covered property after a loss, and your obligation to cooperate during the company’s investigation or defense of a liability lawsuit.
Our hope is that you understand the different insurance policy sections after reading this blog, but if you need help reviewing a policy or understanding policy provisions, please contact us. We’ll be happy to help!
Springfield, MORolla, MOWest Plains, MORiver City InsuranceJOPLIN, MOWhat are the sections of an insurance policy?Every insurance policy has five parts: declarations, insuring agreements, definitions, exclusions and conditions. Many policies contain a sixth part: endorsements. Use these sections as guideposts in reviewing the policies. Examine each part to identify its key provisions and requirements.
Which section of the policy contains the precise description of covered perils?Which section lists the perils insured against by a property insurance policy? The Insuring Agreement is the company's commitment to protect the insured and includes a description of the perils insured against.
Which of the following would you find in the conditions section of an insurance policy?Common conditions in a policy include the requirement to file a proof of loss with the company, to protect property after a loss, and to cooperate during the company's investigation or defense of a liability lawsuit.
Which term describes coverage that applies only to loss by the perils stated in a policy?"Named perils coverage" means your policy only covers specific or "named" perils listed in your policy. If you file a claim, the damage must result from a listed covered peril. This type of policy limits the number of events or types of damage your insurance may cover when you file a claim.
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