Schedule

To schedule is to provide a detailed list attached to a policy describing the property, locations and amounts insured, and the conditions which apply.

A schedule can be specific for a listing of jewelery under a floater or could be a list of contractor's equipment. It is important that this list be kept up-to-date. Often the insurance policy will have a provision for newly-acquired article coverage but it wil have a limitation, usually of 30 days. So if you bought a piece of jewelery and did not notify your agent or broker and then it mysteriously disappeared you would not likely be successful in your claim. The same situation would apply if your purchased a piece of equipment, did not notify your broker and 45 days later it was stolen.

A schedule of insurance could refer to a new tractor that a farmer has purchased or a piece of equipment for a contractor. Commercial insurance often will schedule individual items or list them all in bulk under a "blanket". Know the difference. Take control of your insurance.

When a claim happens, the first step an adjuster takes is to determine if the insurance will respond. Be sure that your schedule reflects your needs for coverage or you should take care to prevent loss of items that are not listed.

Talk to your agent or broker about your particular needs. Ask questions and make sure that you understand the answers. Do not allow yourself to be overwhelmed by the terminology. Make sure it is explained to you in clear language.