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📋 '''Schedule of insurance''' is the section of an [[Definition:Insurance policy | insurance policy]] — or a standalone document attached to it — that itemizes the specific property, locations, vehicles, equipment, or other insurable interests covered, along with their corresponding [[Definition:Coverage limit | coverage limits]], [[Definition:Deductible | deductibles]], and valuation details. It functions as the definitive inventory of what is protected under the [[Definition:Policy | policy]] and serves as the reference point whenever a [[Definition:Claim | claim]] is filed or a coverage question arises.

📝 In practice, the schedule of insurance is most commonly encountered in [[Definition:Commercial insurance | commercial insurance]] programs where the [[Definition:Policyholder | insured]] has multiple assets requiring itemized coverage. A [[Definition:Commercial property insurance | commercial property policy]], for instance, will include a schedule listing each building address, its construction type, occupancy, replacement cost value, and the applicable [[Definition:Sublimit | sublimit]] or blanket allocation. Similarly, a [[Definition:Commercial auto insurance | commercial auto policy]] schedules each vehicle by make, model, VIN, and coverage selections. The schedule must be kept current — if the insured acquires a new warehouse or fleet vehicle and neglects to add it, that asset may be uninsured or only partially covered under any [[Definition:Automatic coverage | automatic acquisition]] provision until formally endorsed. [[Definition:Broker | Brokers]] and [[Definition:Risk manager | risk managers]] typically coordinate schedule updates at each [[Definition:Renewal | renewal]] and throughout the policy term as operations evolve.

🔑 Accuracy in the schedule of insurance directly governs the scope and adequacy of protection. An outdated or incomplete schedule can result in [[Definition:Underinsurance | underinsurance]], [[Definition:Coinsurance penalty | coinsurance penalties]], or outright denial of a claim for an unlisted asset — consequences that can be financially devastating after a major loss. Conversely, overstating values on the schedule inflates [[Definition:Premium | premiums]] without providing additional benefit, since [[Definition:Indemnity | indemnity]] principles cap recovery at actual loss. For [[Definition:Underwriting | underwriters]], the schedule is an essential tool for evaluating risk aggregation and geographic concentration, feeding into [[Definition:Catastrophe modeling | catastrophe modeling]] and [[Definition:Reinsurance | reinsurance]] purchasing decisions. In large, complex programs — particularly those placed in the [[Definition:Excess and surplus lines | surplus lines]] or [[Definition:Lloyd's of London | Lloyd's]] markets — the schedule of insurance often runs to dozens of pages and represents a significant portion of the underwriting file.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Declarations page]]
* [[Definition:Coverage limit]]
* [[Definition:Commercial property insurance]]
* [[Definition:Endorsement]]
* [[Definition:Statement of values (SOV)]]
* [[Definition:Underinsurance]]
{{Div col end}}

Definition:Schedule of insurance - Revision history

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