This page is usually the first part of an insurance policy. It identifies who is insured, what risks or property are covered, the insurance limits and the period of insurance (i.e. the effective date of the policy). This is a summary of the insurance company`s key promises and indicates what is covered. In the insurance agreement, the insurer agrees to do certain things, such as. B the payment of losses in the event of a covered danger, the provision of certain services or the agreement to defend the insured in the event of an action for damages. There are two basic forms of insurance agreement: Trisura Guarantee Insurance Company (“Trisura”) has issued professional liability insurance to the Appraisal Institute of Canada (“AIC”). The Master`s Directive dealt with claims against AIC members, their personal businesses, employers and the AIC for the negligent provision of professional valuation services. An insurance policy is a good quality contract between the insurer and the person(s), company or legal person(s) that is insured (the insured). Reading your policy helps you verify that the policy fits your needs and that you understand your responsibilities and the responsibilities of the insurance company in the event of a loss. Many policyholders buy a policy without understanding what is covered, the exclusions that remove the coverage, and the conditions that must be met for coverage to be enforced in the event of a loss. ScDOI would like to remind consumers that reading and understanding your entire policy can help you avoid problems and disagreements with your insurance company in the event of a loss. Insurance agreements are required in the event of a dispute over whether or not a particular damage is covered.
The insurance contract should allow the insurance company and the policyholder to determine whether damage is covered. Although insurance agreements are intended to address these issues, differences remain as to the terms of the insurance agreement. These often give rise to appeals in which each party puts forward competing interpretations of the insurance agreement. .