The Declaration Page is an important document that forms part of the insurance policy contract. In addition to showing the name of the insurance company and the named insured, who are the legal parties to the contract, it indicates that agreements which have been made. It shows the property to be insured and its location plus the coverage which applies, and the limit of insurance purchased. It will indicate the basis of claim settlement and any deductibles which might be applied. The declaration page will also show the premium consideration which has been agreed to. Only the person or entity named on the declaration page may take legal action against the insurer.
You may be surprised to learn who is considered to be an insured, as it extends beyond a single person listed on a declaration page. Watch this video to learn more.
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