We understand that when it comes to courier insurance some policy wording or terms may not be clear or well understood. This guide will help to provide you a clear understanding of your courier insurance policy.
Excess: The amount you’re required to pay towards, or which is deducted from, each claim that you make on your insurance policy.
Exclusion: This is a term in your policy that leaves out the insurer’s legal responsibility in some circumstances or for a particular type of loss.
Goods in transit: Goods carried in your vehicle whilst you are carrying out your business activities. Under the courier policy, only this covers goods you’re carrying for clients and not your own goods.
Hire and Reward Insurance: Allows the carriage of passengers or goods for hire or reward i.e. in exchange for payment.
WHAT YOU SHOULD EXPECT TO SEE IN YOUR COURIER INSURANCE POLICY WORDING
Insurance policies differ between insurers, but there are a few things that you should expect to find in your courier insurance policy wording.
You should find a section with definitions and interpretations of keywords or terms in the document.
In this section you should expect to find information that the courier insurance policy does or doesn’t cover, this can include:
The proposer: The person in whose name the policy is issued.
- Liability to third parties
- Fire and theft
- Accidental damage
- Windscreen and glass
- Lock replacement including loss of keys
- Goods in transit
- Emergency treatment
NO CLAIMS DISCOUNT/BONUS (NCD/NCB)
The NCD/NCB section will usually provide information on the scales used by your insurer and detail how you earn NCD/NCB years and how they may be stepped back (decreased) in the event of a claim on your policy. The use of the term NCD or NCB can vary between companies.
The general conditions section applies to the whole of your contract and will describe your responsibilities, general information and procedures that you must follow in certain situations. If you do not meet the terms and conditions of the contract, your cover could become invalid and any claims made could be refused. Your policy could be voided or cancelled.
You will find information about how to cancel your policy and the charges that will apply should you choose to do so. This section will also detail the terms applied by the insurer should they instruct cancellation on the policy.
This section should provide you with all the information you’ll need should you need to make a claim.
If you wish to make a complaint, all the information you will require can be found here.
Hopefully, this guide has helped give you a better understanding of your policy wording and what they contain.