What do the Policy Conditions define in an insurance contract?

In an insurance contract, Policy Conditions outline the obligations and responsibilities of both the insurer and the insured. These conditions detail how the parties must act in relation to the policy, including requirements for notifying the insurer about loss or damage, the need for cooperation during investigations, and the procedures for filing claims. By defining these actions, the Policy Conditions set clear guidelines on what is expected from each party, ensuring that both have a mutual understanding of their duties throughout the contract’s life.

Coverage limits, claim procedures, and policy exclusions are all important aspects of an insurance contract, but they fall under different categories. Coverage limits refer to the maximum amount payable under the policy, claim procedures describe the steps needed to file a claim, and policy exclusions specify what is not covered. While all these components are crucial for comprehensive understanding, the Policy Conditions specifically focus on the conduct and obligations of the involved parties.