Insurance Policy vs. Dec Page in Louisiana: Know the Facts

Many people in Metairie, Louisiana and other areas of Louisiana do not realize that an insurance policy and a declarations sheet (dec page) are not the same thing. Although both are important and both are needed to evaluate an insurance claim, each serve a different purpose.

Insurance Policy

· The insurance policy is the contract between you (the insured) and the insurance company (the insurer).

· The insurance policy includes:

1. Coverages (what is covered);

2. Exclusions (what is excluded);

3. Definitions (defines words in the policy);

4. Terms and conditions (the terms and conditions of the policy);

5. Duties after loss (what needs to be done after a loss); and

6. Claims Handling Process (how claims are handled).

· The purpose of the insurance policy includes: outlining the obligations of both parties; identifying the scope of coverage; identifying coverage limits which may not be in the declarations sheet (dec page); indicating what type of policy (for example is the policy an RCV (Replacement Cost Value) or an ACV (Actual Cash Value) policy); and identifying if there are any depreciation schedules (for example, a roof depreciation schedule).

Declarations Sheet (Dec Page)

· The Declarations Sheet or Dec Page is a brief summary of some of the information in the insurance policy.

· The Declarations Sheet (Dec Page) includes:

1. Policyholder’s/Insured’s name and address;

2. Policy Number;

3. Policy Period (Effective date and expiration date);

4. Insurance Agent;

5. Covered Property and/or covered individuals;

6. Coverage limits (For example, the coverage limits for dwelling, other structures, personal property, additional living expenses/loss of use, personal liability, medical payments, etc.;

7. Premiums; and

8. Deductibles.

· The purpose of the Declarations Sheet (Dec Page) includes: providing a brief summary of some of the information in the insurance policy; indicating who is covered under the

insurance policy; indicating the coverage limits of the insurance policy; indicating the term of the insurance policy; and indicating the deductible of the insurance policy.

If you or a loved one would like your insurance policy and declarations sheet (dec page) evaluated, please contact Godbey Giardina Law Group today. Our team is here to guide you through the legal landscape in Metairie, New Orleans, and other areas of Louisiana and protect your interests under Louisiana Law