01 / The meaning
What it means.
A property section might list fire, storm, impact or theft, but those everyday words can have narrower contractual definitions. Water entering through a roof and inundation from a river can raise different issues. Start by identifying the actual cause and then compare it with the selected events. The schedule may also show that some available events were not purchased.
This approach differs from accidental damage or open-perils wording, which starts from a broader grant and then excludes specified matters. Neither approach removes the need to read limitations. For each important asset, consider how it could be lost at the premises, away from the premises or in transit, and whether the relevant event and location are within the cover.
02 / Put it in context
A practical example.
Hypothetical example: A retailer has a policy listing fire and specified storm damage. Water damages stock, but the origin of the water is disputed. The cause and the policy definitions must be examined before deciding whether the listed events apply.
This example illustrates the term. It does not predict a claim outcome.
03 / Read the detail
What to check.
- Identify the events selected on the schedule, not just those available.
- Compare important causes of damage with the exact definitions.
- Check location restrictions and exclusions affecting each listed event.
04 / Start a useful conversation
A question for your broker.
Which specific event must cause the loss for this section to respond?
05 / Connect the terms
Keep the meaning in context.
06 / Apply it to your business
Related insurance guides.
Further reading
Read the source guidance alongside the relevant policy wording.
General information only. This does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you. Cover is subject to insurer acceptance and the policy terms, conditions, limits and exclusions. Read the Financial Services Guide and the relevant PDS (where applicable) and/or policy wording before deciding.
Let’s start with your business
A clearer conversation
about your insurance.
Tell us what you do, what has changed and what you need to understand.