Managing your Policy
Organizing Your Insurance Paperwork
An insurance policy is a legal contract, and you are responsible for having records of all your insurance coverage.
Retaining Occurrence-Based Policies
Due to the nature of occurrence-based policies, it is important to keep them forever. If a claim is brought against your organization years after your occurrence-based policy has been cancelled, it is your responsibility to have a copy of the policy.
Summary of Your Coverage
Creating a short summary of your insurance coverage that has all the critical information in one place is useful when you need to quickly determine what coverage your organization has and who you need to call about a claim. If your organization has a crisis plan, include this summary in the crisis plan manual.
A summary should include the following:
- List of all insurance policies held by your organization.
- Policy numbers.
- Details of the coverage types and amounts.
- Deductibles.
- List of endorsements.
- List of any notable exclusions.
- Renewal dates.
- For liability policies – note if it is a claims-made or occurrence-based policy.
- Insurance company name.
- Insurance company’s claims phone number.
- Broker or agent name and contact information.
- Information about your insurance company’s claims process (if you have this information).