Is the policy schedule the same as the policy wording?

No, the policy schedule is a personalised summary of your insurance cover, outlining key details like who is insured, the period of cover, sums insured, and specific endorsements. The policy wording is a separate, much longer document containing the full terms, conditions, definitions, and exclusions that apply to your policy. Both documents together form your insurance contract.

What happens if I don't comply with a warranty listed in my schedule?

If you fail to comply with a warranty, your insurer might be able to decline a claim. While the Insurance Act 2015 provides some protection by limiting this if the breach did not increase the risk of the actual loss, it's still crucial to adhere to all warranties. Always seek clarification from your broker if you're unsure about any warranty.

Why are there so many exclusions in my policy?

Insurance policies are designed to provide cover for specific, defined risks. Exclusions clarify what is *not* covered, helping to manage risk for both the insurer and the insured, and keeping premiums manageable for the covered perils. If you have specific risks you believe are excluded, discuss them with your broker, as cover may be available under a different policy or endorsement, subject to underwriting criteria and terms.

How often should I review my insurance policy schedule?

You should review your insurance policy schedule at least annually upon renewal. Additionally, it's vital to review it whenever there are significant changes to your business, such as moving premises, expanding operations, purchasing new equipment, changing your services, or increasing your turnover. This ensures your cover remains adequate and accurate.

Can my broker help me understand my policy schedule?

Yes, absolutely. As a commercial insurance broker, Focus Insurance Services acts as your advocate and expert. We can help you interpret your policy schedule and the full wording, explain complex terms, highlight critical conditions, and ensure the cover aligns with your business needs. It's one of the primary reasons businesses engage with a broker.

How to Read Your Insurance Policy Schedule: A UK Business Guide 2026

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