What is Schedule – Commercial Insurance?
A schedule in commercial insurance refers to a specific listing within a policy that outlines the assets, properties, or locations insured under the policy. These schedules help clearly define what is covered, including buildings, equipment, vehicles, or inventory, and their respective values. The schedule provides transparency for both the insurer and the policyholder by specifying coverage details.
In commercial property insurance, for example, a schedule can list multiple locations owned by a business, each with its insured value. In commercial auto insurance, a schedule might list all vehicles covered under the policy. Having a well-documented schedule is crucial to ensure proper coverage and to avoid disputes in the event of a claim.
Schedules can also include endorsements or special provisions that modify the standard coverage. For instance, certain high-value assets or equipment might need separate listings to ensure they are fully insured.